EUR/USD 1.17204
0.093%
Gold 3650.39
0.664%
Oil 62.838
0.541%
USD/JPY 147.299
-0.068%
GBP/USD 1.35509
0.178%
GBP/JPY 199.609
0.117%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On September 10, Armin Papage, CEO of German defense giant Rheinmetall, said he was confident in achieving the companys ambitious profit and revenue targets for 2030, thanks to the companys streamlining and expansion of ammunition production. When asked whether it could achieve a 20% profit margin on projected sales of 40 billion to 50 billion euros in 2030, Papage said: "I am fully convinced that we can do it. I think we are in good shape," adding that this was due to heavy investments in production digitalization and cost reduction. Rheinmetall has benefited from the efforts of EU governments to invest trillions of euros in rearmament. Papage expressed doubts about whether Russia and Ukraine could reach a ceasefire, and said that security would be Europes top priority for the next 10 to 15 years.GameStop (GME.N) rose 3.5% after the companys second-quarter revenue exceeded expectations.NIO (NIO.N) fell more than 10%. The company plans to issue approximately 182 million Class A shares.The Dow Jones Industrial Average opened down 73.03 points, or 0.16%, to 45,638.31 on Wednesday, September 10; the S&P 500 opened up 24.92 points, or 0.38%, to 6,537.58 on Wednesday, September 10; and the Nasdaq Composite opened up 90.11 points, or 0.41%, to 21,969.60 on Wednesday, September 10.On September 10th, the U.S. stock market opened with the Dow Jones Industrial Average down 0.12%, the S&P 500 up 0.51%, and the Nasdaq up 0.47%. Oracle (ORCL.N) opened up approximately 32%, setting a new all-time high and pushing its total market capitalization close to $900 billion. The company reportedly expects to receive $500 billion in cloud orders. AI chip stocks also saw gains, with AMD (AMD.O) up approximately 5%, Broadcom (AVGO.O) up 4.5%, and Nvidia (NVDA.O) up over 3%.

The USD/CHF exchange rate bounces around 0.9700 as hawkish Fed bets rise, with the US PMI in focus

Alina Haynes

Jun 20, 2022 15:40

 截屏2022-06-20 上午9.21.41.png

 

In the early Tokyo session, the USD/CHF exchange rate fluctuates between 0.9687 and 0.9712. Following a retest of its earlier lows at 0.9629 under waning selling pressure, the asset has appreciated significantly. After the Swiss National Bank (SNB) issued a 50 basis point (bps) interest rate rise on Thursday, the dollar faced heavy selling pressure against the Swiss franc last week.

 

The current SNB official interest rate is - 0.25 percent. Over the past fifteen years, the Swiss National Bank (SNB) has maintained a constant posture on interest rates to make the Swiss franc less attractive, so luring more business to the Swiss economy. In reaction to inflation shocks, the SNB has announced a huge hike in interest rates, following in the footsteps of other Western countries. After SNB president Chris Jordan's unexpected announcement of a rate rise, the Swiss franc is no longer overvalued, and higher interest rates will assist Swiss currency bulls going ahead.

 

In the meantime, the US dollar index (DXY) is trading flat in the Asian session at about 104.66 despite rising possibilities of a Federal Reserve announcement of a 75 basis point (bps) consecutive rate hike (Fed). It will take a little longer for pricing pressures to result in stable prices. Investors will continue to focus on US PMI data moving forward.

 

It is projected that the Composite PMI would increase to 53.5 from 53.4. The Composite PMI's separation into Manufacturing and Services entails a performance drop. The Services PMI is expected to be significantly lower at 49.1 than the prior figure of 53.2. The Manufacturing PMI is expected to decline to 54.7 from 55.7, but the Services PMI is expected to remain steady.

Suggestion