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On August 17th, at Geely Automobiles (00175.HK) interim results press conference, Geely Holding Group CEO An Conghui stated that for Geely Automobiles overseas development, Geely Holding Group will coordinate the resources of its internal brands and external strategic partners to achieve joint investment, joint development, shared production capacity, shared local supply chain systems and talent resources, and shared channels and service networks. According to An Conghui, the Volvo European plant will become an important base for Geelys European strategy, undertaking the production of high-end luxury vehicles within the Geely Automobile Group, and is expected to begin production in 2028. Proton, which Geely previously acquired in Malaysia, is currently undergoing technological upgrades and will be transformed into a Southeast Asian production base with a capacity of 500,000 vehicles. The Spanish plant, a joint venture between Geely and Ford, will also produce related models within the Geely system, with a capacity of 500,000 vehicles, and is expected to begin production in 2028. At this results press conference, Geely Automobile Group announced that its 2026 export target has been raised from 640,000 vehicles to 920,000 vehicles, and it will challenge a sales target of one million vehicles.On August 17th, at Geely Automobiles (00175.HK) interim results press conference, Geely Holding Group CEO An Conghui stated that in the second half of the year, the company will continue to optimize its business and strategic configuration, improve system synergy efficiency, reduce unnecessary internal transactions and construction, and close down or merge redundant companies and projects. Simultaneously, it will promote the integration of more valuable projects, both established and under development, into the Geely Automobile Group.Honda Motor Co., Ltd. (HMC.N): Will resume automobile production at its Saitama, Suzuka and Yokkaichi plants starting August 20.ArcelorMittal SA: Major energy production facilities were damaged.ArcelorMittal SA: The companys factories were operating normally at the time of the attack.

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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