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On April 4th, a source told CNBC that the U.S. Senate Banking Committee will hold a hearing on April 16th to consider Kevin Warshs nomination as Federal Reserve Chairman. Another criminal investigation surrounding the Fed is ongoing, examining whether current Chairman Jerome Powell made false statements to Congress regarding the expensive renovation of the Feds office buildings. Warshs nomination process is still progressing, potentially creating a conflict between the two parallel processes pushed by the Trump administration. Banking Committee member Thom Tillis has stated that he will not vote to confirm Warsh until the investigation is complete, meaning Trump cannot proceed with both processes simultaneously. However, by continuing to push forward with the hearings, Trump is clearly still trying to achieve this goal. The Senate Banking Committee has not yet included the hearings in its public schedule.According to CNBC, the U.S. Senate Banking Committee will hold a hearing on April 16 regarding the nomination of Kevin Warsh as chairman of the Federal Reserve.Jordan reported on April 4 that it has suffered 281 missile and drone attacks from Iran since the start of the conflict. The Jordanian Armed Forces stated that Iran has launched 161 missiles and 120 drones at the country since the conflict began. According to a statement released by Petra News Agency, the military claimed to have successfully intercepted all but 20 of the incoming targets. The statement added, "All Iranian attacks targeted key facilities and locations within Jordan and were not isolated incidents."On April 4th, the Greek government completed a new round of cabinet reshuffle, with three new officials, including the Minister of Agriculture Development and Food, being sworn in. This is the second reshuffle of the Greek government since the scandal of fraudulently obtaining EU agricultural subsidies broke last year. On April 3rd, the European Prosecutors Office submitted case materials to the Greek Parliament regarding the fraudulent receipt and misuse of EU agricultural subsidy funds, involving several Greek government officials and members of parliament. Several officials, including the Minister of Agriculture Development and Food, resigned, and the Greek government subsequently announced the reshuffle plan. Since last year, the scandal of fraudulently obtaining EU agricultural subsidies in Greece has continued to escalate. The EU prosecutors investigation shows that Greek officials are suspected of issuing EU funds to ineligible farmers through forged documents, with the amount involved potentially reaching hundreds of millions of euros. In June 2025, five senior Greek government officials, including then-Minister of Migration and Asylum Markis Volidis, resigned due to their alleged involvement in the case.On April 4th, the Iranian Islamic Revolutionary Guard Corps (IRGC) issued a statement announcing that its Navy and Aerospace Forces launched the 95th wave of Operation True Commitment 4 that morning. The statement indicated that a US HIMARS rocket artillery system on Bubiyan Island in Kuwait, a US Patriot missile system in northern Bahrain, a US Navy Mark missile launch array, a gathering place for senior US commanders and instructors in the Al Dafra region of the UAE, and a US Oracle company target in the UAE were all destroyed in the operation. An Israeli-owned merchant ship flying a third-country flag was also heavily attacked by the Iranian Navy in the port of Salman, Bahrain. Furthermore, Iranian missiles launched heavy strikes from multiple locations in Israel, including Bunnebula, Petah Tikwa, and Tel Aviv. This round of operations is still ongoing.

The USD/CHF exchange rate fluctuates at 0.94 prior to US five-year inflation projections

Alina Haynes

Dec 08, 2022 15:27

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During the Tokyo session, the USD/CHF pair is oscillating near the round-level barrier of 0.9400 as investors await the release of the United States' five-year consumer inflation forecasts for more direction. The Swiss franc is attempting to surpass the immediate resistance level of 0.9410, but the risk-on mentality stops the US Dollar from advancing further.

 

In the framework of the risk appetite theme, the US Dollar Index (DXY) is hitting resistance close to the significant level of 105.20. In the meantime, 10-year US Treasury yields have attempted to recover after falling to approximately 3.40 percent on Wednesday. The yield on long-term US Treasury bonds has rebounded to approximately 3.45%.

 

The growing unpredictability around the Federal Reserve's (Fed) policy outlook has caused market participants to feel anxious. As a result of favorable U.S. economic data, investors anticipate future rate hikes from the Federal Reserve to combat rising inflationary pressures. Moreover, it will compel a recession, as businesses will lower or maintain their current level of economic activity in response to rising interest liabilities.

 

At a Goldman Sachs financial conference, Bank of America (BoA) CEO Brian Moynihan informed investors that the United States economy will see "moderate contraction" in the first quarter of 2023.

 

Friday's release of US Consumer Inflation Expectations for the Next Five Years will continue to be closely monitored by investors.

 

Regarding the Swiss franc, investors are shifting their focus to the Swiss National Bank's (SNB) interest rate announcement scheduled for next week. As inflationary pressures are moderately over the target rate, it is predicted that SNB Chairman Thomas J. Jordan would continue to loosen monetary policy. This week, the Swiss Unemployment Rate fell to 2.1%, which is lower than the previous data of 2.0% and the consensus estimate of 2.2%.

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