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September 19th - A mudslide occurred near the Shijiagou Tunnel in Zhiliuhe Village, Gesala Township, Yanbian County, Panzhihua City, Sichuan Province in the early hours of the 19th. According to relevant departments, preliminary statistics indicate that five people are currently missing.On September 19th, it was reported that the Beijing Municipal Administration for Market Regulation, based on the work deployment of the State Administration for Market Regulation and preliminary investigations, has initiated investigations into four online hotel and travel booking platforms for suspected illegal activities. In response, Meituan issued a statement saying that its online hotel booking platform, Meituan Travel, and others received notification from the Beijing Municipal Administration for Market Regulation that the authorities are investigating these companies for suspected violations of market supervision laws and regulations. Meituan Travel will actively cooperate with the regulatory authorities investigation, fully implement regulatory requirements, and work with all parties in the industry to build a sustainable market environment.September 19th - From the evening of September 18th to the early morning of September 19th, the Saudi Civil Defense issued a series of security alerts covering areas including Riyadh, Jeddah, Khaliq, Abha, Al-Ulah, Jizan, Yanbu, Khamis Mushait, Taif, and the Firasan Islands, with explosions reported in multiple locations. The Chinese Embassy and Consulates in Saudi Arabia reiterate their reminder to Chinese-funded institutions and citizens in Saudi Arabia to strengthen their security precautions and to take immediate evacuation measures as required by the alerts. Do not photograph military operations or spread unverified information. Passengers with air travel plans should maintain close contact with their airlines to avoid disruptions to their travel plans. In case of emergency, please contact the police immediately and the Chinese Embassy or Consulates in Saudi Arabia.On September 19th, a mudslide occurred near the Shijiagou Tunnel in Zhiliuhe Village, Gesala Township, Yanbian County, Panzhihua City, Sichuan Province, in the early hours of the morning. Following the disaster, the Sichuan Provincial Emergency Management Department coordinated with the Panzhihua City and Yanbian County Emergency Management Bureaus to jointly discuss rescue efforts and dispatched a working group to the scene to guide the response. Simultaneously, Wing Loong drones were deployed to the site to restore communications and conduct aerial reconnaissance. Currently, local authorities are organizing rescue and relief efforts.On September 19th, the German government announced on the 18th that it had reached an agreement with the federal states on a package of tax relief measures, including a new round of fuel tax cuts and a fuel price cap, to alleviate the pressure on residents and businesses caused by persistently high fuel prices. According to the plan, the German government will reduce the energy tax, resulting in an actual reduction of approximately 17 euro cents per liter for gasoline and diesel. The measures are scheduled to be implemented by October 1st and will continue until the end of this year, with a total tax reduction of approximately 2.5 billion euros. This fuel tax cut is similar to the temporary measures implemented in May and June this year, which were expected to reduce tax revenue by 1.6 billion euros this year.

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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