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August 8th - The most important UK data next week will be the second-quarter GDP report released on Thursday. Deutsche Bank UK economists predict that June GDP will decline by 0.1% month-on-month, keeping second-quarter GDP growth at 0.4% in 2026, but downside risks have increased.August 8th - The most important data release next week will be the US July CPI report on Wednesday, followed by PPI data on Thursday. Deutsche Banks US economists expect overall consumer prices to rise 0.15% month-on-month, compared to a 0.42% decline in June; core CPI is expected to rise 0.26% month-on-month, unchanged from June. For PPI data, overall PPI is expected to rise 0.22% month-on-month (previously 0.13%).Yemens Ministry of Defense: Launches military operation against Houthi rebels.On August 8th, Torsten Slok, chief economist at Apollo Global Management, stated, "Inflation is no longer just an economic issue; its about the credibility of the Federal Reserve. Inflation has been above target since 2021. For the worlds number one central bank, high inflation has persisted for a very, very long time."August 8th - At 9:00 AM on August 8th, the Ministry of Transport raised its typhoon defense response to Level II. The center of Typhoon Dolphin (strong typhoon), the 13th typhoon of this year, was located at 9:00 AM today (August 8th) in the southern part of the East China Sea, approximately 520 kilometers east of Wenzhou City, Zhejiang Province. It is expected to move westward at a speed of 10-15 kilometers per hour, with little change in intensity or a slight increase.

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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