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June 26th - European semiconductor companies followed their Asian counterparts lower as investors sold off artificial intelligence-related stocks. Micron Technologys strong earnings and optimistic outlook, reported after Wednesdays close, failed to reignite the rally in AI-related stocks on Thursday. On Friday, South Korean memory chip maker SK Hynix closed down 8.4%, and TSMC fell 2.1%. In European markets, Dutch semiconductor equipment maker ASML fell 0.9%, and ASM International fell 3.3%. German chipmaker Infineon Technologies fell 2.9%, and STMicroelectronics fell 2.5%. Meanwhile, E-mini Nasdaq 100 futures fell 0.8%.According to TASS, Russia is considering a short-term ban on diesel exports lasting several months.On Friday, June 26, the Hang Seng Index closed down 405.05 points, or 1.76%, at 22,671.86; the Hang Seng Tech Index closed down 150.33 points, or 3.41%, at 4,255.59; the H-share Index closed down 147.54 points, or 1.94%, at 7,460.84; and the Red Chip Index closed down 47.94 points, or 1.26%, at 3,749.09.The yield on German two-year government bonds fell to a seven-week low of 2.508% after the release of the European Central Banks consumer expectations survey, down 3 basis points on the day.On June 26th, Fitch Ratings BMI Commodities Research division remained bullish on gold, maintaining its 2026 average gold price forecast of $4,600 per ounce. The firm also believes the Federal Reserve will not make any moves on interest rates this year. As noted last week, the Feds hawkish tone has fueled expectations of rate hikes, posing a significant downside risk to gold. However, as long as inflationary pressures related to the Middle East conflict materialize as expected, and with the recent US-Iran agreement beginning to subside, the most likely outcome is that interest rates will remain unchanged for an extended period. Short-term gold price movements may be driven by Fed policy signals, and precious metals are susceptible to market expectation repricing and a renewed strengthening of the US dollar in the short term.

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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