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Karen Manna of Federated Hermes said on May 7 that Federal Reserve Chairman Powell may not be able to satisfy investors thirst for clarity when he speaks to reporters after tomorrows interest rate decision. The Fed is expected to keep interest rates unchanged, and Powell may face questions about the impact of tariffs on inflation and the economy. The final level of tariffs and their duration remain unknown, which limits Powells ability to provide more clear information. "Forecasting is always difficult, and it is almost impossible to make forecasts when the target is constantly changing." She expects this uncertainty to continue until the Feds June meeting unless there are substantial changes.Pakistans Defense Minister: Conflict between Pakistan and India is "imminent".On May 7, according to British officials and documents, Britain is pressuring the European Union to more clearly support Britains participation in a 150 billion euro defense fund, after the first draft of the proposed security agreement basically did not mention this request. British Prime Minister Starmers government hopes to have firmer words on defense industry cooperation and joint fight against illegal immigration. The two sides are striving to reach an agreement before the London summit scheduled for May 19. British officials said they will work with the European Union in the coming days to draft a final document to send a stronger message on the ambitions of defense industrial policy. Although the draft mentioned exploring the possibility of both sides participating in their respective defense plans, it did not mention Britains goal of obtaining a 150 billion euro fund, nor did it explain how to achieve this goal.The Federal Reserve accepted a total of $129.858 billion from 34 counterparties in fixed-rate reverse repurchase operations.A statement from the Federal Aviation Administration (FAA) showed that Musks SpaceX has obtained FAA approval to conduct up to 25 Starship launches per year in Texas.

The USD/CHF Currency Pair Trades Near 0.9720 as Investors Await the SNB's Jordan Speech

Alina Haynes

Apr 29, 2022 09:44

The USD/CHF pair demonstrated a back and forth movement during the Asian session. The asset is consolidating in a six-pip range ahead of the Swiss National Bank's (SNB) Thomas J. Jordan's Friday address.

 

Jordan's remarks will likely dictate the SNB's monetary policy action in June. For an extended period, the SNB has maintained an ultra-loose monetary policy. However, investors may be surprised this time around as SNB policymakers may sound a little more hawkish. The Swiss Consumer Price Index (CPI) has surpassed the 13-year high of 2.2 percent, significantly exceeding the planned inflation rate of 2%. Although the announcement will take a neutral posture, guidance may be quite aggressive.

 

Meanwhile, the US dollar index (DXY) is undergoing a temporary correction following a stronger upward trajectory. The DXY is currently stabilizing at 103.65 and is looking for a trigger to move higher. The uncertainty surrounding the Federal Reserve's (Fed) announcement of an interest rate decision next week will govern future prices. Investors should brace themselves for a big rate hike, as the Federal Reserve is wary about escalating inflation. Today's session will be dominated by the Michigan Consumer Sentiment Index (CSI), which is expected to come in at 62 points, down from the prior reading of 65.7 points.

USD/CHF

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