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On January 12, Sergio Gor, the newly appointed U.S. Ambassador to India by the Trump administration, stated that the United States and India are close partners and will resolve their differences, including the long-delayed trade agreement. Officials from both countries are scheduled to speak by phone on Tuesday to discuss the agreement. India was among the first countries expected to sign an agreement with Washington last year, but the two sides have so far failed to reach an agreement on outstanding issues. Speaking on his first day in office at the U.S. Embassy in New Delhi on Monday, Gor said, “True friends may have disagreements, but they will eventually resolve them. We continue to engage actively; in fact, the next trade dialogue will take place tomorrow. Remember that India is the world’s most populous country, and pushing an agreement into place will not be easy, but we are determined to achieve our goal.”On January 12th, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) recently organized a series of special symposiums. Led by Zhang Yuzhuo, Secretary of the Party Committee and Director of SASAC, and chaired by other SASAC leaders in groups, the symposiums aimed to gather opinions and suggestions from various central enterprises, address their concerns, and further build consensus on the work for the 15th Five-Year Plan period. After in-depth discussions, participants unanimously agreed that the goal of optimizing and expanding state-owned enterprises and state-owned capital should be prioritized, with enhancing value creation capabilities as the top priority. This includes proactively planning a number of major projects and landmark initiatives, continuously expanding effective investment, and striving to achieve both qualitative improvement and reasonable quantitative growth. It is crucial to deeply understand and grasp the strategic deployment for optimizing the layout and structure of the state-owned economy, focusing on core businesses and the real economy, promoting the deep integration of technological and industrial innovation, accelerating the transformation and upgrading of traditional industries, further developing emerging and future industries, coordinating domestic and international markets and resources, balancing high-quality development and high-level security, and accelerating the construction of a modern industrial system.Switzerlands December consumer confidence index will be released in ten minutes.On January 12, Foreign Ministry Spokesperson Mao Ning held a regular press conference. Reports indicated that Foreign Minister Wang Yi was originally scheduled to visit Somalia last week, but the itinerary was adjusted due to "scheduling reasons." What was the reason for the change? Was it due to security concerns? "Following friendly consultations between the foreign ministries of China and Somalia, Foreign Minister Wang Yi adjusted his visit itinerary," Mao Ning further stated. He added that during his time in Africa, Foreign Minister Wang Yi held a telephone conversation with Somali Foreign Minister Dee, stating that China will consistently support Somalia in safeguarding its sovereignty, unity, and territorial integrity. The two sides also reached new consensus on deepening cooperation in various fields.On January 12, in response to a statement from the US leader that China would strike Iran if it harmed protesters, Foreign Ministry Spokesperson Mao Ning stated at a regular press conference that China hopes the Iranian government and people can overcome current difficulties and maintain national stability. China consistently opposes interference in other countries internal affairs, consistently maintains that the sovereignty and security of all countries should be fully protected by international law, opposes the use of force or the threat of force in international relations, and calls on all parties to do more to promote peace and stability in the Middle East. Mao Ning said that China is closely monitoring the situation in Iran and has not yet received any reports of Chinese citizens being injured or killed in Iran. China will do its utmost to ensure the safety of Chinese citizens in Iran. Chinese citizens in Iran are advised to pay attention to the local security situation and take necessary measures to safeguard their own safety. If assistance is needed, they can contact the Chinese Embassy in Iran or call the consular protection hotline.

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.

USD/CHF

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