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On June 27, following the US militarys airstrikes against Iran on June 26, US Vice President Vance stated that if Iran resorts to violence, it will face a military response. Vance posted on social media that day: "Iran signed a ceasefire agreement, and we have honored it. If they have objections to how the memorandum of understanding is being implemented, they can communicate directly by phone. But if violence is used, it will be met with a military response." Earlier on June 26, the US Central Command issued a statement saying that the US military launched strikes against Iran that day in response to the attack on a merchant ship transiting the Strait of Hormuz the previous day.On June 27, Nasdaq announced that SpaceX (SPCX.O) will be included in the Nasdaq 100 Index, subject to final eligibility requirements. Funds tracking the index are expected to begin buying its shares after the market closes on July 6, before the formal inclusion. SpaceX is expected to have a weighting of less than 1% in this technology-heavy index.IMF Chief Economist Guransha: The conflict involving Iran has not led to a further surge in oil prices, as countries have released strategic reserves and refineries have adjusted their production.IMF Chief Economist Guransha: Following the implementation of tariffs by the United States, a new trade relationship has emerged that does not include the United States.The US military stated that it will maintain a continued presence and remain vigilant to ensure that all provisions of the Iran nuclear deal are observed, implemented, and fully effective.

The USD/CHF exchange rate is approaching 0.9860 in anticipation of US ISM Services PMI data

Daniel Rogers

Sep 05, 2022 16:38

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The USD/CHF pair has been steadily climbing since the start of the Tokyo session, and it is currently trading near a six-week high of 0.9860. After a month of uninterrupted control by bulls, the asset is now moving sideways. The major is trading between 0.9783 and 0.9859; a rise is expected.

 

Since the favorable US Nonfarm Payrolls (NFP) report was released on Friday, the asset's value has risen considerably. After the US economy added 315k jobs in August, beating predictions of 300k, the Federal Reserve (Fed) is more likely to raise interest rates by 75 bps for a third consecutive time. The Federal Reserve's policymakers must face the unsettling reality of a sluggish response to rising inflation. However, the Federal Reserve's worries are fading as the US economy posts a series of strong job growth.

 

Meanwhile, despite an increase in the Unemployment Rate, the value of the US dollar index (DXY) reached 110.03, a new 20-year high. The latest unemployment rate report came in at 3.7%, which is higher than both forecasts and the preceding report (3.5%). For the time being, investors will be focusing on the US ISM Services PMI data that will be released on Tuesday. Forecasts indicate a decline in economic indicators, from 56.7 to 54.9. As Monday is the United States' Labor Day, the markets will be closed.

 

As a result, the Swiss franc has fallen in value due to disappointing data on Real Retail Sales. The 2.6% GDP reading was lower than the 3.3% predicted by economists, but it was higher than the 0.7% reading reported in the prior update. Meanwhile, the annual rate of increase in the Consumer Price Index (CPI) has risen to 3.5%, which is higher than both market forecasts and the prior reading of 3.4%.

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