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On March 11, local time, Fadavi, deputy commander of the Iranian Islamic Revolutionary Guard Corps, stated that there are currently no US ships within 700 kilometers of Iranian waters. He claimed that the US Navy has "fled" the area because the US is aware that Iran has developed a special operational plan to target and sink its aircraft carrier. Furthermore, Fadavi warned the US that it must consider the possibility of becoming bogged down in a protracted war of attrition, which could lead to the complete collapse of the US and even the global economy. Fadavi also stated that Iranian armed forces shot down a US F-15 fighter jet south of Tehran.On March 11, the International Energy Agency (IEA) announced it would release 400 million barrels of oil from its emergency reserves to the market. The IEA stated that the situation in the Middle East has posed a "significant and escalating risk" to the oil market. These reserves will come from the mandatory reserves of IEA member countries. According to regulations, member countries must hold stocks equivalent to at least 90 days of net imports from the previous year. Reserves can be in the form of crude oil, refined products, or a combination of both. The latest IEA data shows that North Americas strategic reserves are primarily crude oil, while European and Asian member countries hold both crude oil and refined products. As of the end of 2025, the total amount of oil in IEA member countries public stocks will be 1.25 billion barrels, accounting for approximately 30% of the OECDs total oil stocks. This is the sixth time the IEA has issued an emergency reserve release order since its establishment in 1974.Gazprom: All attacks have been repelled.Gazprom: Drones attacked Russian gas pumping stations.Polish Central Bank Governor Grapinski: Poland has 570 tons of gold reserves.

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

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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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