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On January 29th, Tesla CEO Elon Musk stated during an earnings call on January 28th that the company will cease production of the Model S and Model X vehicles next quarter. "Its time to honor the Model S and Model X projects as we truly move towards a future centered on self-driving technology," Musk said. Musk also revealed that Tesla is replacing the Model S and Model X production lines at its Fremont, California factory with Optimus production lines, with a long-term goal of achieving an annual production capacity of one million robots.1. International precious metals futures generally closed higher. COMEX gold futures rose 6.46% to $5411.00 per ounce, and COMEX silver futures rose 10.06% to $116.62 per ounce. The Federal Reserve paused interest rate cuts but released expectations of future easing, coupled with market bets on a dovish Fed chair candidate, highlighting the safe-haven and inflation-hedging properties of precious metals. Meanwhile, the CME Groups adjustment of margin parameters for some precious metals futures may also exacerbate short-term volatility. 2. The WTI crude oil futures contract closed up 1.78% at $63.5 per barrel; the Brent crude oil futures contract rose 1.56% to $67.63 per barrel. Trump warned Iran to reach an agreement as soon as possible, citing potential risks to Iranian oil supply. Meanwhile, data from the U.S. Energy Information Administration showed that U.S. crude oil inventories fell by 2.295 million barrels last week, a larger-than-expected decline, tightening supply and supporting higher oil prices. 3. Most London base metals rose, with LME tin up 3.52% to $56,795/ton, LME aluminum up 1.59% to $3,263.5/ton, and LME nickel up 1.12% to $18,440/ton. LME copper and zinc saw slight gains, while LME lead fell slightly. 4. US Treasury yields were mixed. The 2-year Treasury yield was unchanged at 3.596%, the 3-year yield fell 0.56 basis points to 3.640%, the 5-year yield rose 25.90 basis points to 3.828%, the 10-year yield rose 0.20 basis points to 4.243%, and the 30-year yield fell 0.31 basis points to 4.855%. 5. The three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average rose 0.02% to 49,015.6 points, the S&P 500 fell 0.01% to 6,978.03 points, and the Nasdaq Composite rose 0.17% to 23,857.45 points. Large-cap tech stocks were mixed: the Wind U.S. Tech Giants Index rose 0.19%, Nvidia rose 1.59%, and Google, Microsoft, and Tesla all saw slight gains. Most semiconductor stocks closed higher, with Intel rising 11%. The Nasdaq China Golden Dragon Index rose 0.32%. U.S. Treasury yields rose. The Federal Reserve kept the federal funds rate unchanged and raised its assessment of economic growth. The market predicts that the Fed will keep interest rates unchanged until the end of Powells term. 6. Major European stock indices all fell. Germanys DAX index fell 0.29% to 24,822.79 points, Frances CAC40 index fell 1.06% to 8,066.68 points, and the UKs FTSE 100 index fell 0.52% to 10,154.43 points. The Stoxx Europe 600 index fell 0.75%. US President Trump again threatened Iran, saying the next strike would be more severe, putting pressure on market risk appetite.Teslas CFO: After utilizing internal resources, the company may finance capital expenditures through further debt or other means.Tesla CFO: As Optimus production and expansion begin, capital expenditures are being invested in computing to train Optimus.The most active gold futures contract in New York rose above $5,500 per ounce, up 2.99% on the day.

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

 截屏2022-08-03 上午9.47.05.png

 

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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