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On August 20th, Canadian Prime Minister Mark Carney is pushing to end some of Canadas ban on the retail sale of U.S. alcohol, hoping to push for a finalized U.S.-Canada trade agreement. Nova Scotia Premier Tim Houston stated that Carney, during a conference call with provincial premiers on Wednesday, urged them to reinstate the sale of U.S. wine and spirits in their local stores once the agreement is finalized. In Canada, provincial governments are responsible for setting rules for the sale and distribution of alcoholic beverages. Last year, in retaliation for tariffs imposed by the Trump administration, most Canadian provinces removed U.S. alcoholic products from their shelves, leading to a significant decline in export sales for U.S. wine and spirits producers. Currently, most provinces maintain their bans on the sale of U.S. alcoholic beverages, including Canadas three most populous provinces—Ontario, Quebec, and British Columbia. It remains unclear whether the provincial premiers will agree to Carneys request. If they refuse, the preliminary U.S.-Canada trade agreement announced by Trump on Tuesday evening could be at risk. The White House considers ending these bans to be one of the core pillars of any U.S.-Canada trade agreement.According to Nikkei, Japans Ministry of Economy, Trade and Industry will seek 7.7 trillion yen in its fiscal year 2027 budget.Asian stocks are poised for a rebound following the U.S. announcement of expanded Treasury bond buybacks. U.S. stock index futures rose slightly in early Asian trading on Thursday. Most S&P 500 components rose on Wednesday, despite declines in chipmaker shares. Japanese, South Korean, and Australian stock index futures all indicate an upward opening, which should push broader Asian benchmark indices back from two consecutive days of losses. High U.S. Treasury yields have kept borrowing costs high, dragging down economic growth and posing political risks for Trump and the Republicans ahead of the November midterm elections. Investors are demanding higher returns to offset inflation risks, leading to a bond sell-off, and the market is now focused on whether the Treasurys latest move can lower bond yields. "Theres no doubt the U.S. government is very concerned about the bond market again, so theyve given it another shot in the arm," said Matt Marley, chief market strategist at Miller Tabak+. He added that unless investors interpret this as a sign of economic weakness, it could "boost risk assets in the short term."The Russian attack on Kyiv, Ukraine, has killed two people and injured six.Canadian Minister for U.S. Trade, LeBlanc: The Prime Minister had a constructive and important dialogue with the provincial premiers regarding negotiations with the U.S.

As risk aversion grows as measured by the DXY and as attention turns to the US NFP, USD/CHF goes closer to 0.9600

Alina Haynes

Aug 03, 2022 14:51

 截屏2022-08-03 上午9.47.05.png

 

In reaction to the dismal market environment, the US dollar index (DXY) has gained, and the USD/CHF pair is swiftly approaching the key level of 0.9600. After defending Monday's low around 0.9480, the pair had a greater reverse on Tuesday, as the risk-aversion theme strengthened the attraction of the DXY.

 

Following US House Speaker Nancy Pelosi's travel to Taiwan to support Taiwan's local government despite China's wishes, tensions between the US and China have increased. In reaction to the death threats made against Pelosi during her private travel to Taiwan, the US is anticipated to adopt sanctions against China, which encouraged the gloomy market sentiment.

 

In the meanwhile, the DXY has achieved a three-day high of 106.55, although the gain may wane ahead of Friday's US Nonfarm Payrolls (NFP) data. According to market expectations, the U.S. economy added 250,000 jobs to the labor force in July.

 

During a brief period, a number of significant IT companies in the United States abandoned the hiring process, resulting in payroll statistics that multiplied. If the same thing occurs, the Federal Reserve (Fed) will be compelled to speak less about policy rates.

 

On the Swiss franc front, investors anticipate the release of the Consumer Price Index (CPI) numbers. An early estimate of the annual inflation rate places it at 3.5%, little higher than the prior estimate of 3.4%. As a result, the Swiss National Bank (SNB) will be compelled to boost interest rates.


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