EUR/USD 1.16730
0.662%
Gold 4802.84
2.066%
Oil 90.332
-10.545%
USD/JPY 158.443
-0.734%
GBP/USD 1.33995
0.804%
GBP/JPY 212.310
0.087%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
April 8 - According to Israeli media reports, Israeli Prime Minister Benjamin Netanyahu stated that Israel supports Trumps decision to suspend attacks on Iran for two weeks, but the ceasefire does not include operations in Lebanon.Australian Prime Minister Albanese: Trumps threats against the Iranian people are inappropriate. It is inappropriate for the US president to use such language, and I think it raises some concerns.Fitch: Vietnams 2026 GDP growth forecast has been lowered from 7.2% to 7.0% due to the impact of the Iran war.April 8th - At a policy briefing held today (April 8th) by the Ministry of Emergency Management and the State Fire and Rescue Administration, a relevant official from the State Fire and Rescue Administration introduced that, in response to the long-standing problems of weak fire protection infrastructure and prominent hidden dangers in a large number of old residential areas and commercial self-built houses, the General Office of the State Council recently issued the "Opinions on Strengthening Grassroots Fire Protection Work," which proposes innovative measures: adopting a government-purchased service approach to build shared regional fire control rooms and self-defense and self-rescue forces, promoting new intelligent fire protection products, and including them in government livelihood projects.On April 8th, the State Council Taiwan Affairs Office held a regular press conference. A reporter asked about the peak season for Taiwanese compatriots returning to their ancestral homes for the Qingming Festival. Spokesperson Zhu Fenglian stated that compatriots on both sides of the Taiwan Strait are one family, and more Taiwanese compatriots are welcome to use the "Mini Three Links" route to visit their roots, pay respects to their ancestors, visit relatives and friends, and engage in exchanges and cooperation on the mainland.

The USD/CHF exchange rate bounces around 0.9700 as hawkish Fed bets rise, with the US PMI in focus

Alina Haynes

Jun 20, 2022 15:40

 截屏2022-06-20 上午9.21.41.png

 

In the early Tokyo session, the USD/CHF exchange rate fluctuates between 0.9687 and 0.9712. Following a retest of its earlier lows at 0.9629 under waning selling pressure, the asset has appreciated significantly. After the Swiss National Bank (SNB) issued a 50 basis point (bps) interest rate rise on Thursday, the dollar faced heavy selling pressure against the Swiss franc last week.

 

The current SNB official interest rate is - 0.25 percent. Over the past fifteen years, the Swiss National Bank (SNB) has maintained a constant posture on interest rates to make the Swiss franc less attractive, so luring more business to the Swiss economy. In reaction to inflation shocks, the SNB has announced a huge hike in interest rates, following in the footsteps of other Western countries. After SNB president Chris Jordan's unexpected announcement of a rate rise, the Swiss franc is no longer overvalued, and higher interest rates will assist Swiss currency bulls going ahead.

 

In the meantime, the US dollar index (DXY) is trading flat in the Asian session at about 104.66 despite rising possibilities of a Federal Reserve announcement of a 75 basis point (bps) consecutive rate hike (Fed). It will take a little longer for pricing pressures to result in stable prices. Investors will continue to focus on US PMI data moving forward.

 

It is projected that the Composite PMI would increase to 53.5 from 53.4. The Composite PMI's separation into Manufacturing and Services entails a performance drop. The Services PMI is expected to be significantly lower at 49.1 than the prior figure of 53.2. The Manufacturing PMI is expected to decline to 54.7 from 55.7, but the Services PMI is expected to remain steady.

Suggestion