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July 19th - A study released on the 18th by the Italian Confederation of Business, Tourism and Services Businesses indicates that with increasingly frequent extreme weather events, prolonged heatwaves could cause Italy economic losses of €6 billion to €12 billion (approximately RMB 46.5 billion to 93 billion) annually. The report points out that if Italy experiences 30 to 60 days of extreme heat each year, businesses will face multiple pressures, including rising energy costs, decreased labor productivity, forced increases in adaptive investments, and reduced turnover. High temperatures will also alter consumer and tourism habits, further impacting the commerce and tourism sectors.On July 19th, local time, on the evening of July 18th, Iranian Supreme Leader Mojtaba Khamenei stated that the United States repeated violations of the Islamabad Memorandum of Understanding (Iran-US Memorandum of Understanding) once again proved that the signature of the US president was "worthless and invalid." In a statement, Khamenei emphasized that the US actions exposed "bullying, power politics, and barbarity" as integral parts of American behavior and style. He stated that the US "has once again revealed its true and undisguised face. This dark experience filled with evil and treachery has once again become irrefutable evidence of the USs hypocrisy, unreasonableness, breach of trust, and despicable nature. Iran and the resistance have left the US with unforgettable lessons."The UK Maritime Trade Operations Office has received a report of an incident involving a merchant vessel and military forces approximately 100 nautical miles east of Duqm, Oman. The report indicates that the tanker was affected by ongoing military activity in the area.July 19 - The Kuwaiti Fire Department reported that several Kuwaiti firefighters were injured in multiple fires sparked by Iranian attacks. Firefighters brought under control of two fires that broke out this afternoon local time, triggered by the Iranian attacks. In one of the affected areas, several firefighters and an oil industry worker were injured. The area was attacked again during the firefighting operation. Firefighters also extinguished three other fires caused by shrapnel falling into residential areas; these fires did not result in any injuries.Advisor to the Ukrainian Interior Minister: The attacks in Ukraine have reduced Russias oil refining capacity.

The USD/CHF Currency Pair Advances to a 54-Week High of 0.9470 Ahead of SNB Jordan's Speech

Drake Hampton

Apr 19, 2022 09:56

On Tuesday, the USD/CHF pair extended its five-day winning streak, as unfavorable market sentiment appeals to safe-haven assets. The asset is trading near Monday's high of 0.9454 and is expected to extend gains following the former's breach.

 

Rising expectations of a big rate hike by the Federal Reserve (Fed) are driving the US dollar index higher (DXY). The DXY is approaching 101.00, as the Fed is left with little choice but to accelerate interest rate hikes. The greenback has seen an adrenaline rush following Federal Open Market Committee (FOMC) member James Bullard's hawkish comments. Bullard believes interest rates will be 3.5 percent this year and that the door is open for a 75 basis point (bps) rate as well.

 

Further advice will come from Fed head Jerome Powell's upcoming speech on Thursday. The Fed's Powell's dictates will establish a clear route to the lowest rates reverting to neutral rates.

 

On the Swiss calendar, investors are focusing on Tuesday's speech by Swiss National Bank (SNB) Chairman Thomas J. Jordan, which will provide insight into the Swiss National Bank's (SNB) expected June monetary policy action. The SNB has kept interest rates at their lowest level in 13 years, at -0.75 percent, despite inflation printing at a 13-year high of 2.2 percent. Switzerland's inflation rate has recently increased, owing to higher commodities and fossil fuel prices.

USD/CHF

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