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July 5th - OPEC+, comprised of OPEC and other oil-producing nations, will hold its monthly meeting later today. An informed source indicated that OPEC+ has agreed in principle to increase crude oil production quotas by 188,000 barrels per day in August. Two other sources stated that this increase is the most likely decision.July 5th - The Malian military reported on the 4th that military positions in multiple locations across Mali were subjected to a new round of coordinated attacks by armed groups. The military successfully repelled all attacks, and the attacked positions remain under its "complete control." The report stated that these attacks occurred in Agailok, Anefisse, Gao in northern Mali, and Sevare in central Mali. A local official in Gao said that before dawn on the 4th, militants launched a fierce attack on military camps with guns and rockets. A local resident said, "This morning, no one can leave their homes... The Malian armed forces have blocked all the streets. The gunfire was so intense, it felt like the roofs were about to collapse."July 5th - According to Israeli sources on the 5th local time, Israeli Transportation Minister Miri Regev confirmed that Israel deployed an Iron Dome air defense system to the United Arab Emirates in the early stages of the US-Israel-Iran conflict. This marks the first time the Iron Dome has been deployed to a country outside of Israel and the United States. Reportedly, this is the first time an Israeli government official has publicly acknowledged deploying the Iron Dome system to the UAE. Previously, related reports had been confirmed by US officials.OPEC+ sources: OPEC+ has agreed in principle to increase its oil production target by 188,000 barrels per day starting in August.On July 5th, at the 2026 Global Digital Economy Conference Results Release Conference, Lu Ya, Vice President of the Beijing Academy of Social Sciences, released the "Beijing Digital Economy Development Report (2025-2026)" blue book. The report shows that in 2025, Beijings digital economy added value exceeded 2.4 trillion yuan, a year-on-year increase of 8.7%, accounting for 46.4% of GDP. It ranked second in the global digital economy benchmark city index evaluation, with a development index value of 0.770, firmly maintaining its position as a "global leading city." Lu Ya introduced that Beijings status as the "No. 1 city for artificial intelligence" continues to be consolidated. In 2025, the core artificial intelligence industry scale reached approximately 450 billion yuan, attracting over 2,500 related enterprises. As of April 2026, 225 large-scale models had been registered. Innovation and industry application of large-scale models are accelerating in both directions, rapidly empowering industrial upgrading, technological innovation, and public services. The market-oriented reform of data elements is being deepened, and breakthroughs have been achieved in the construction of "one zone and three centers." The on-exchange transaction volume of the Beijing International Big Data Exchange increased by 150% year-on-year, and the circulation of trusted data space is deepening around key areas such as healthcare and audiovisual media.

USD/CHF Consolidates in a Range of 0.9320-0.9350 on Expectations of Rate Reversion to Neutral

Drake Hampton

Apr 08, 2022 09:57

Tips

  • USD/CHF remained stuck around 0.9350 despite a big increase in US Treasury yields.

  • The DXY is aiming for 100.00 as traders increase their expectations for an aggressive rate hike.

  • Russia resigns from the United Nations Human Rights Council.

 

Since Thursday, the USD/CHF pair has been swinging within a narrow band of 0.9318-0.9348 as Federal Reserve (Fed) policymakers have begun prescribing a reversion to neutral rates from ultra-loose monetary policy postures.

 

After commenting on the amount to which the Fed will raise interest rates in future monetary policies, members of the Fed's Monetary Policy Committee (MPC) have changed their focus to calling for a return to neutral policy. The ultra-loose monetary policies and helicopter money used to boost growth following the Covid-19 outbreak have served their purpose, and it would be preferable to return to normal rates and a self-sufficient economy. Atlanta Fed President Raphael Bostic stated on Thursday that while it is quite acceptable for the Fed to move policy closer to neutral, it should go cautiously, according to Reuters.

 

On the Russia-Ukraine front, Russia is expelled from the United Nations (UN) Human Rights Council after its members voted against the Kremlin's war crimes in Bucha, Ukraine. Additionally, US lawmakers have decided to prohibit Moscow from importing oil, gas, and coal. Additionally, the former has opted to revoke its 'Most Favored Nation' trade designation, resulting in higher tariffs for Moscow.

 

Meanwhile, the US dollar index is heading towards the enchanted level of 100.00, fueled by forecasts for better US Consumer Price Index (CPI) data next week. The yield on the 10-year US Treasury note has recaptured a three-year high of 2.66 percent as rate rise worries resurface.

USD/CHF

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