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On June 5th, local time, Ukrainian President Volodymyr Zelenskyy sent an open letter to Russian President Vladimir Putin on June 4th, proposing a direct meeting between the two leaders to "promote an end to the conflict through fair and dignified means and to build a practical and effective security guarantee mechanism." The letter stated that Ukraine has no intention of allowing the conflict to continue indefinitely and has proactively proposed a ceasefire negotiation plan. Regarding the meeting and negotiation process, Ukraine proposed that Ukraine and Russia first conduct direct consultations, followed by the participation of relevant parties such as the United States and Europe, to support the subsequent establishment of a security guarantee system. Zelenskyy stated in the letter that Ukraine is ready for negotiations, willing to implement a comprehensive ceasefire during the negotiation process, and adhering to the principle of "all for all," to conduct prisoner exchanges with Russia and fully cooperate in advancing peace negotiations. Russian Presidential Press Secretary Dmitry Peskov responded that Putin has not yet seen Zelenskyys open letter.According to Politico, the Pentagon may cancel its plan to sell missiles to Germany due to concerns about Russia.Moodys ratings said that Alphabets $84 billion equity financing is a positive factor for its credit rating.On June 5th, U.S. Treasury Secretary Bessenter stated that future exemptions allowing countries to purchase oil from Russia might be granted on a country-by-country basis, rather than a blanket approach. Testifying before the House Ways and Means Committee on Thursday, Bessenter said, "I strongly believe that if there are further exemptions, they will be targeted at specific countries, not a blanket approach. The additional revenue Russia would gain from these exemptions would be negligible."US President Trump: Pledges to take historic action to lower energy prices.

Near 0.9140, USD/CHF meets resistance as the USD Index resumes its decline

Alina Haynes

Mar 31, 2023 11:53

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Near 0.9140 during the Asian session, the USD/CHF pair confronted formidable resistance. It is anticipated that the Swiss Franc will decline to a new two-week low after falling below 0.9120. Following a brief retracement near 102.25, the US Dollar Index (DXY) has declined, accelerating the acceleration of adverse speculations on the major currency. The USD Index is anticipated to decline below its immediate support of 102.0.

 

As investors anticipate that Federal Reserve (Fed) chair Jerome Powell will not raise interest rates at the May monetary policy meeting in 2023, USD Index adverse speculations are increasing. Undoubtedly, fears of a U.S. banking system crisis have diminished significantly, but U.S. institutions will continue to maintain exceedingly stringent credit conditions to prevent additional casualties. Moreover, the impact of US financial anxiety has not yet been realized.

 

More than 52% of forecasts from CME Fedwatch favor the Fed maintaining its present monetary policy stance at its May meeting.

 

Meanwhile, S&P500 futures carry optimism from Thursday forward. Futures on the S&P 500 index have extended their gains during the Asian session, indicating an increase in market participants' risk appetite. In the absence of clarity regarding the future of monetary policy, there is a decline in the demand for U.S. government bonds.

 

The issuance of Real Retail Sales (Feb) data for the Swiss Franc is anticipated by investors. The annual retail sales data is projected to increase by 1.9%, compared to a decrease of 2.2%, which would strengthen the sustainability of inflationary pressures. Moreover, the Swiss National Bank (SNB) is committed to minimizing inflation through future rate hikes.

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