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The local governor stated that Russia is defending against drone attacks on the Nevinomysk industrial zone in the southern Stavropol region.On August 24th, following US President Trumps announcement of an "unprecedented" economic war against Iran, US Treasury Secretary Bessenter confirmed that the specific details of the "unprecedented economic isolation" measures against Iran would be officially announced on the 24th. Iran, on the other hand, played its "oil export countermeasure" card on the 23rd: if the US waged an economic war, there would be no more oil exports from the Strait of Hormuz or even the Persian Gulf region. Currently, there are less than 24 hours left before the US announces the details of the sanctions. Public opinion generally believes that this is a desperate move by the US given the current situation of a protracted war between the US and Iran and the failure of negotiations. Although the specific measures have not yet been announced, some analysts believe that this action may ultimately lead to a "lose-lose" situation.On August 24, Xiyin announced on the Hong Kong Stock Exchange that it plans to issue approximately 280 million Class B shares (subject to reallocation and the exercise of the over-allotment option) for its Hong Kong listing, with a pricing range of HK$47.60 to HK$49.50 per share. Trading is expected to commence on September 1.Alibaba (BABA.N) announced the pricing of its HK$80 billion share placement, with 710,000,000 new shares to be subscribed at HK$112.70 per share. The placement is expected to be completed on August 26, 2026.On Monday, both WTI and Brent crude oil opened $0.30 lower, at $85.97/barrel and $91.96/barrel respectively.

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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