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On August 10, according to a news release on the Ukrainian presidential website on the 9th, Zelenskyy delivered a video speech that evening, saying he had received reports of talks between the United States and European representatives. He said: "All the messages we wanted to convey have been conveyed, our views have been heard, and all risks have been taken into consideration. Ukraines path to peace must and can only be determined jointly with Ukraine. This is the most basic thing."On August 10th, S&P Global announced that Julys US CPI data will be a key economic indicator for the upcoming week. Markets are eagerly awaiting the report amid expectations that tariffs will drive inflation higher. While recent tariff developments (including the higher tariffs imposed on August 7th and the newly threatened 100% tariff on chips) appear to indicate rising inflation, overall US consumer price inflation remained below 3.0% in the second quarter. Notably, S&P Globals US Purchasing Managers Index (PMI), a leading indicator of CPI trends, has already hinted at a potential rise in inflation in the second half of 2025. Therefore, the upcoming CPI data will confirm whether price increases began to accelerate in July. This is crucial for the Federal Reserves monetary policy, which is currently adopting a wait-and-see approach given the potential volatility in prices.A U.S. White House official said: Trump is open to holding a trilateral summit between the U.S., Russia and Ukraine in Alaska, but the White House is still preparing for bilateral talks (between the U.S. and Russia) as requested by Putin.On August 10th, Ledao Auto stated in its latest Q&A session that the Ledao L90 comes standard with an 85-degree battery, and there will be no version with a 60-degree battery available. "However, we have recently received a number of requests from users for leasing 60-degree batteries. Technically, this is completely feasible and in line with the companys rechargeable, replaceable, and upgradeable energy replenishment concept. We are currently actively researching this solution internally and will share any information as soon as we have it."On August 10th, the Japan Meteorological Agency reported that Shinmoe-dake, located on the border of Kagoshima and Miyazaki prefectures, erupted at approximately 5:23 a.m. local time on the 10th, sending a column of ash as high as 3,000 meters. The Japan Meteorological Agency has issued a Level 3 alert for Shinmoe-dake, prohibiting people from entering the mountain. Shinmoe-dake is an active volcano located in the central Kirishima Mountains in southern Kyushu, Japan. In June 2018, Shinmoe-dake experienced a large-scale explosive eruption.

USD/CHF Continues Fed-Induced Declines Toward 0.9020 Support; Central Banks and US NFP in Focus

Daniel Rogers

Feb 02, 2023 16:13

During Thursday's Asian session, USD/CHF remained depressed at the lowest levels since August 2021 as bears enjoy a three-day slump near 0.9065. The Swiss Franc (CHF) pair extends its losses triggered by the US Federal Reserve as market participants expect the main central bank decision and January employment statistics.

 

The USD/CHF retested a multi-day low the day before in response to dismal US data and the Fed's dovish rate hike.

 

Despite the fact that the Fed matched market expectations by raising the benchmark rate by 0.25 percentage points, the statement that inflation "has eased but remains high" impacted on the U.S. currency.

 

Fed Chair Jerome Powell's statement that "We may pronounce that a deflationary process has begun" contributed to the depreciation of the US usd. In addition, the policymaker acknowledges the need for a rate cut by the end of 2023 if inflation decreases much faster than projected. Powell of the Federal Reserve stated that a couple more rate hikes are still required to achieve this.

 

Elsewhere, the US ISM Manufacturing PMI dropped to its lowest level since June 2020, reaching 47.4 in January compared to the forecasted 48.0 and the prior reading of 48. In addition, the ADP Employment Change dropped to a one-year low with 106K, compared to the 178K market forecast and the upwardly revised previous figure of 253K. In contrast, the number of JOLTS Job Openings grew to 11.01 million in December, exceeding both the average estimate of 10.25 million and the previous figure of 10.44 million.

 

Wall Street soared against this backdrop as 10-year US Treasury yields fell the most in two weeks. Note that benchmark interest rates are licking their wounds near 3.41 percent, while S&P 500 Futures are showing slight increases as of press time.

 

Prior to the monetary policy meetings of the European Central Bank (ECB) and the Bank of England, USD/CHF traders should pay attention to market movements affected by these central banks (BoE). However, significant attention should be paid to Friday's US Employment report. Nonfarm Payrolls (NFP), which is expected to decline to 185K from 223K earlier, will be an important indicator to track.


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