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According to the National Bureau of Statistics, at the end of June, the unsold floor space of commercial housing was 763.15 million square meters, a year-on-year decrease of 0.9%. Among them, the floor space unsold for less than 3 years was 561.67 million square meters, a decrease of 3.5%.According to the National Bureau of Statistics, from January to June, the sales area of newly built commercial housing was 401.4 million square meters, a year-on-year decrease of 11.6%; among which, the sales area of residential housing decreased by 12.4%. The sales value of newly built commercial housing was 3.7945 trillion yuan, a decrease of 13.6%; among which, the sales value of residential housing decreased by 13.7%.National Bureau of Statistics: Natural gas production has shifted from decline to growth. In June, the output of natural gas from industrial enterprises above designated size reached 21.4 billion cubic meters, a year-on-year increase of 1.1%, compared to a decrease of 2.2% in May; the average daily output was 710 million cubic meters.National Bureau of Statistics: Crude oil processing decline widened. In June, the crude oil processing volume of enterprises above designated size was 51.24 million tons, a year-on-year decrease of 17.7%, with the decline widening by 8.6 percentage points compared to May; the average daily processing volume was 1.708 million tons.National Bureau of Statistics: Crude oil production remained stable. In June, crude oil production from enterprises above designated size reached 18.12 million tons, a year-on-year decrease of 0.5%; the average daily output was 604,000 tons.

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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