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Ukraine claims that Russia launched a large-scale missile and drone attack that struck Ukraines energy infrastructure.On February 22, the Afghan Ministry of Defense issued a statement saying that Pakistan had once again violated Afghan territory, launching airstrikes on multiple civilian areas in Nangarhar and Paktika provinces. The attacks resulted in dozens of civilian casualties, including women and children. The Ministry of Defense strongly condemned Pakistans blatant violation of Afghan territorial sovereignty, considering it a serious breach of international law and the principle of good neighborliness. The Ministry warned that it would respond appropriately and carefully at the right time.February 22nd - According to Shanghai Railway Group, the Yangtze River Delta railway network is experiencing a peak in return passenger traffic on February 22nd, with an estimated 3.19 million passengers transported today, a year-on-year increase of 15.3%. Yesterday, 2.913 million passengers were transported, a year-on-year increase of 18.3%. Since the start of this years Spring Festival travel rush, the average daily passenger volume has been approximately 2.595 million. The railway department is increasing capacity on key routes and during peak hours to actively cope with the passenger flow peak, planning to add 584 passenger trains (378 through trains and 206 local trains) and expand the fleet of high-speed trains by 366.February 22nd - According to data from the Hong Kong-Zhuhai-Macau Bridge Border Inspection Station of the Zhuhai Border Inspection General Station, since February 15th (the 28th day of the twelfth lunar month), as of February 21st (the fifth day of the first lunar month), the number of Hong Kong and Macau single-license plate vehicles entering and exiting through the Zhuhai Port of the Hong Kong-Zhuhai-Macau Bridge has exceeded 100,000, reaching 114,000. On February 21st (the fifth day of the first lunar month), the number of Hong Kong and Macau single-license plate vehicles inspected by the border inspection department exceeded 20,000 for the first time in a single day, setting a new historical high since the implementation of the "Macau vehicles traveling north" and "Hong Kong vehicles traveling north" policies.February 22 – Ahmed Altom, Director General of the Geological Research Authority of Sudan, stated on February 21 that the armed conflict in Sudan has caused approximately $7 billion in economic losses to the countrys mining industry. Altom said that the conflict has severely damaged Sudans mining infrastructure, reducing government-led mining activities from 18 states to 6. Geological surveys, exploration operations, and mining production have all been significantly affected, resulting in a sharp decline in related fiscal revenue.

Despite market skepticism and anticipation of Fed Chair Powell's speech, USD/CHF rallied from 0.9200

Alina Haynes

Jan 10, 2023 15:03

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The USD/CHF pair has detected buying activity after dropping close to the round-level support of 0.9200 to begin the Asian session. In spite of the upbeat market sentiment, the Swiss franc extended its rebound above the immediate resistance level of 0.9200.

 

After a corrective move on Monday, S&P500 futures are displaying a mediocre performance as the markets fail to sustain a recovery. Long liquidation was the result of stocks' extended uptrend. The US Dollar Index (DXY) has reestablished its seven-month low at about 102.50, pushed by increased recession fears following a major dip in economic activity and less hawkish monetary policy predictions following a strong drop in wage inflation.

 

As investors' appetite for risk decreases once more, the demand for U.S. government bonds continues to decline. This has contributed to 10-year US Treasury yields exceeding 3.53 percent.

 

Tuesday's highlight will be Federal Reserve (Fed) chairman Jerome Powell's address, which will clarify the monetary policy decision for February. The remarks of Atlanta Fed bank president Raphael Bostic provide investors with a wealth of actionable information. A Fed policymaker forecasts that there will be no recession in CY2023, but has severely reduced GDP projections to 1%. He anticipates that interest rates will have to remain elevated until at least 2024.

 

On the subject of the Swiss currency, the Swiss National Bank (SNB) will be compelled to maintain a modest monetary policy if the Real Retail Sales (Nov) data declines annually. The economic data decreased by 1.3%, when the consensus forecast predicted a 3.0% expansion.