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SK Hynix shares rose 12% to 1.893 million won.Most Chinese concept stocks returning to Hong Kong fell, with New Oriental (09901.HK) down more than 5%, GDS Holdings (09698.HK) and Baidu (09888.HK) down more than 4%, and Huazhu Group-S (01179.HK), Bilibili (09626.HK) and Alibaba (09988.HK) down more than 3%.On May 11th, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.1380%, and the lowest was 0.9360%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.0310%, and the lowest was 1.0010%. The highest 7-day annualized yield of Alipays "Yuebao" was 1.1200%, and the lowest was 1.0020%.On May 11, data from the National Bureau of Statistics showed that in April, prices for food, tobacco, alcohol, and dining out decreased by 0.8% year-on-year, contributing approximately 0.24 percentage points to the decline in the Consumer Price Index (CPI). Within the food category, meat prices decreased by 6.7%, contributing approximately 0.28 percentage points to the decline in the CPI, with pork prices decreasing by 15.2%, contributing approximately 0.29 percentage points to the decline in the CPI. Fresh fruit prices decreased by 1.0%, contributing approximately 0.02 percentage points to the decline in the CPI; fresh vegetable prices decreased by 0.5%, contributing approximately 0.01 percentage points to the decline in the CPI; and aquatic product prices increased by 1.3%, contributing approximately 0.02 percentage points to the increase in the CPI.Chinas April CPI rose 0.3% month-on-month, below the expected -0.1% and the previous reading of -0.7%.

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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