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According to Reuters, British government sources say that Prime Minister Starmer is focused on fulfilling his duties.June 21st - According to the British newspaper *The Observer*, British Prime Minister Keir Starmer is preparing a timetable for his departure. This comes after Andy Burnham, who suffered a major defeat to the Reform Party in the Greater Manchester by-election and is scheduled to be sworn in as a Member of Parliament next Monday. His supporters claim that if Starmer does not resign, Burnham has secured the support of over 201 Labour MPs to challenge him for leadership. This number exceeds half of the Labour Party in Parliament, meaning Starmer can no longer demonstrate his confidence in the House of Commons to the King. It is reported that after several rounds of discussions with cabinet ministers, Downing Street advisors, union leaders, and party donors, Starmer has concluded that his position in power is no longer secure. Senior Labour figures believe that Starmer may issue a "clear statement" as early as Monday. A Labour MP close to Starmer said: “He has come to terms with reality. As he said, preventing ‘chaos’ is no longer possible by staying in office, so there is only one option left. I think he has seen it as a responsible choice for the country and the party.” Another senior Labour figure said that Starmer now appears to have “accepted” the reality of his resignation.June 21 – It was learned from Iran on the 21st that the Iranian negotiating delegation has arrived in Zurich, Switzerland. The Swiss Foreign Ministry also confirmed the arrival of the Iranian delegation. The Swiss Foreign Ministry stated on social media that it welcomed the Iranian delegations arrival in Switzerland, and that the delegation is en route to Bürgenberg as part of implementing the memorandum of understanding signed between the United States and Iran.On June 21, a symposium on the 9th China International Import Expo (CIIE) was held in Oslo, Norway, with representatives from approximately 40 Norwegian companies and institutions in attendance. Norwegian participants stated that all sectors in Norway highly value economic and trade cooperation with China. The CIIE, as a high-level platform for opening up to the outside world, provides Norwegian companies with a practical and efficient path to promote high-quality products, cutting-edge technologies, and professional services, and to cultivate the Chinese market. Norway will continue to pool resources and actively mobilize various Norwegian companies to participate in the CIIE, further strengthening the mutually beneficial ties between China and Norway and improving the quality and efficiency of bilateral trade cooperation.Iranian Islamic Revolutionary Guard Corps Navy Political Affairs Officer: The real guarantee of any agreement comes from our strength.

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.

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