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The Hang Seng Index rose in the short term, and the Hang Seng Tech Index narrowed its losses to 0.5%.According to Investopedia, a financial website, forecasters predict that U.S. inflation may have risen to a 17-month high in September as tariffs push up prices. A Wall Street Journal survey of economists indicates that the CPI report, due this Friday, is likely to show a 3.1% annual increase in overall prices in December. Rising inflation would highlight the impact of Trumps tariffs, which have risen almost every month since the tariffs were announced in April. Despite rising prices, lower rent increases may prevent overall inflation from rising too much. Core inflation is expected to rise 3.1% in September, unchanged from August. Overall, the increase in inflation may not be large enough to prevent the Federal Reserve from cutting interest rates in late October. Having already cut rates by 25 basis points in September to support the sluggish job market, the Fed is now more focused on the job market than on combating inflation. Wells Fargo economists Sarah House and Nicole Cervi said, "We expect goods inflation to remain elevated due to the continued pass-through of tariffs, while easing primary housing costs should help mitigate services inflation."On October 23rd, Goldman Sachs economists said in a report that the Bank of Japan is likely to keep its policy rate unchanged next week from a risk management perspective amid high uncertainty. They said: "After assessing that uncertainty in its baseline outlook is high, the Bank of Japan is likely to judge that while downside risks to the economic outlook are substantial, upside risks to the price outlook are also substantial." They pointed out that the Bank of Japan is likely to maintain its stance of gradual rate hikes.The South Korean won fell to its lowest level against the dollar since mid-May.Indian state refiners are reviewing bills of lading for Russian oil cargoes arriving after Nov. 21 to ensure there are no direct supplies from Rosneft and Lukoil, which are subject to U.S. sanctions, sources said.

The USD/CHF Currency Pair Advances Towards 0.9450 As the DXY Strengthens Due to Firmer Yields

Drake Hampton

Apr 15, 2022 10:27

The USD/CHF pair is edging closer to its March high of 0.9460, aided by a surge in the US dollar index (DXY). The stronger comeback in the DXY and, ultimately, in US Treasury yields occurred in response to hawkish statements from Federal Reserve (Fed) policymakers, which pushed the asset to the north.

 

In an interview with Bloomberg TV, Fed President and Federal Open Market Committee (FOMC) member John Williams stated that the Fed should consider a 50 basis point (bps) interest rate hike in May. According to Williams, pushing inflation down in a tight labor market context would be difficult for the Fed. Additionally, he indicated that if the Fed announces a big interest rate hike in May, a balance sheet decrease may be delayed until June.

 

The 10-year US Treasury yields have recouped their losses from the previous two trading days and reclaimed a three-year high of 2.83 percent, bolstered by a sustained increase in inflation forecasts. On the macroeconomic data front, the elaboration of monthly US Retail Sales has demonstrated that rising gas prices are having an effect on households and that inflation will not abate anytime soon. Gas stations saw the biggest percentage rise from February, up 8.9 percent, while E-Commerce saw a 6.4 percent decline and auto dealers saw a 1.9 percent decline in sales due to supply chain delays.

 

Additional guidance on the asset will come from the Swiss docket, which will release its annual Real Retail Sales report later this month. Previously, Swiss Real Retail Sales were registered at 12.8 percent during a 12-month period.

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