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On August 22nd, facing the increasingly fierce AI arms race, social media giant Meta Platforms (META.O) and Google Cloud reached a six-year cloud computing services agreement valued at at least $10 billion. The agreement aims to leverage Google Clouds server and storage services to quickly address the computing power gap left by Metas long-standing data center construction cycle. This marks the first large-scale collaboration between the two tech giants in cloud computing infrastructure. Analysts believe this not only validates Google Clouds pricing advantage but also signals Metas focus on improving the inference capabilities of its Llama model.On August 22, Commonwealth Bank of Australia economist Kapuso said that Federal Reserve Chairman Powells speech at the annual Jackson Hole Symposium will be the next catalyst for the US dollars movement. However, dont expect Powell to send a clear signal in either direction. Kapuso said he may reserve his options and wait for more data. But if Powell indicates a willingness to cut interest rates, the market is expected to more fully price in a September rate cut, and the US dollar will decline modestly. He said the probability of a September rate cut is currently around 70%, setting a high bar for Powell to deviate from market expectations.Japans 20-year government bond yield rose 2 basis points to 2.660%, the highest level since November 1999.Nvidia (NVDA.O)s U.S. stock price fell by 0.75% in the evening trading.Nvidia (NVDA.O) requested a halt to H20 chip production.

Despite market skepticism and anticipation of Fed Chair Powell's speech, USD/CHF rallied from 0.9200

Alina Haynes

Jan 10, 2023 15:03

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The USD/CHF pair has detected buying activity after dropping close to the round-level support of 0.9200 to begin the Asian session. In spite of the upbeat market sentiment, the Swiss franc extended its rebound above the immediate resistance level of 0.9200.

 

After a corrective move on Monday, S&P500 futures are displaying a mediocre performance as the markets fail to sustain a recovery. Long liquidation was the result of stocks' extended uptrend. The US Dollar Index (DXY) has reestablished its seven-month low at about 102.50, pushed by increased recession fears following a major dip in economic activity and less hawkish monetary policy predictions following a strong drop in wage inflation.

 

As investors' appetite for risk decreases once more, the demand for U.S. government bonds continues to decline. This has contributed to 10-year US Treasury yields exceeding 3.53 percent.

 

Tuesday's highlight will be Federal Reserve (Fed) chairman Jerome Powell's address, which will clarify the monetary policy decision for February. The remarks of Atlanta Fed bank president Raphael Bostic provide investors with a wealth of actionable information. A Fed policymaker forecasts that there will be no recession in CY2023, but has severely reduced GDP projections to 1%. He anticipates that interest rates will have to remain elevated until at least 2024.

 

On the subject of the Swiss currency, the Swiss National Bank (SNB) will be compelled to maintain a modest monetary policy if the Real Retail Sales (Nov) data declines annually. The economic data decreased by 1.3%, when the consensus forecast predicted a 3.0% expansion.


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