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On March 29th, the Guangdong Provincial Administration for Market Regulation, in conjunction with the Guangzhou Municipal Administration for Market Regulation, held a symposium for platform enterprises. The meeting focused on issues such as regulating fair and rational competition in the platform economy, providing administrative guidance to platform enterprises, and jointly proposing implementation measures. The meeting pointed out that Guangdong Province and Guangzhou City, leveraging their traditional industrial advantages, have a large number of operators and significant business volume on leading platforms nationwide. Platform rules are crucial for the operation and development of small and micro-sized businesses. The meeting encouraged platforms to take effective measures to strengthen compliance, improve compliance levels, and focus on innovative, standardized, and win-win development. Efforts should be made to continuously strengthen compliance in areas such as regulating competitive behavior, respecting merchants independent operating rights, implementing quality grading and control, protecting the rights and interests of small and micro-sized businesses, empowering the incubation of high-quality brands, and protecting the legitimate rights and interests of consumers. This will jointly resist "involutionary" competition, promote high-quality development of the industry, and drive out inferior players with superior ones.March 29th - With the Iraq War nearing its one-month mark, shipping through the Strait of Hormuz continues to be disrupted, disrupting the global energy supply system and causing international oil prices to soar. Wan Zhe, a professor of economics at Beijing Normal University, stated that firstly, global inflation faces a full-scale rebound, and rising oil prices will be transmitted along the entire industrial chain. Costs across all industries, including energy, food, transportation, and chemicals, will surge, with economies highly dependent on energy imports, such as Europe, Japan, and India, facing even greater pressure. The US is a net energy exporter, but inflationary stickiness may become completely entrenched, putting the Federal Reserves monetary policy in a dilemma. Currently, the average price of gasoline in the US has surged by more than 30% in three weeks, directly reversing the previous downward trend in inflation and completely altering market expectations for interest rate cuts. A prolonged high-interest-rate environment will directly suppress the US real estate market, corporate financing, and stock market valuations. Especially this year is a US midterm election year, and gasoline prices are one of the most sensitive livelihood indicators for American voters. For global economic growth, there will be a slowdown, as high oil prices directly erode disposable income, squeeze non-energy consumption, and also increase production costs for businesses.On March 29th, the Victorian government announced in an email that residents of the state would not have to pay for public transport for one month, starting March 31st. The Tasmanian government stated in a press release that it would waive bus and ferry fares from March 30th to July 1st. Australia faces a significant risk to fuel supplies, with hundreds of petrol stations reporting fuel shortages and disruptions occurring in agriculture and mining. Australian Prime Minister Albanese reassured anxious households and businesses on Friday that short-term supplies were secure.Many European countries have begun observing daylight saving time, which means that trading hours in European financial markets and the release of economic data will be one hour earlier than during standard time, with data being released ten minutes later.Many European countries have begun observing daylight saving time, meaning that trading hours in European financial markets and the release of economic data will be one hour earlier than during standard time.

As risk aversion grows as measured by the DXY and as attention turns to the US NFP, USD/CHF goes closer to 0.9600

Alina Haynes

Aug 03, 2022 14:51

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In reaction to the dismal market environment, the US dollar index (DXY) has gained, and the USD/CHF pair is swiftly approaching the key level of 0.9600. After defending Monday's low around 0.9480, the pair had a greater reverse on Tuesday, as the risk-aversion theme strengthened the attraction of the DXY.

 

Following US House Speaker Nancy Pelosi's travel to Taiwan to support Taiwan's local government despite China's wishes, tensions between the US and China have increased. In reaction to the death threats made against Pelosi during her private travel to Taiwan, the US is anticipated to adopt sanctions against China, which encouraged the gloomy market sentiment.

 

In the meanwhile, the DXY has achieved a three-day high of 106.55, although the gain may wane ahead of Friday's US Nonfarm Payrolls (NFP) data. According to market expectations, the U.S. economy added 250,000 jobs to the labor force in July.

 

During a brief period, a number of significant IT companies in the United States abandoned the hiring process, resulting in payroll statistics that multiplied. If the same thing occurs, the Federal Reserve (Fed) will be compelled to speak less about policy rates.

 

On the Swiss franc front, investors anticipate the release of the Consumer Price Index (CPI) numbers. An early estimate of the annual inflation rate places it at 3.5%, little higher than the prior estimate of 3.4%. As a result, the Swiss National Bank (SNB) will be compelled to boost interest rates.


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