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According to Futures News on December 19, the holdings of the worlds largest gold ETF, SPDR Gold Trust, remained unchanged at 1,052.54 tons from the previous trading day.Japans core CPI rose 3% year-on-year in November, in line with expectations and unchanged from the previous month.On December 19, UN Deputy Spokesperson Haq stated that the Houthi rebels in Yemen had detained 10 UN staff members in the capital Sanaa, bringing the total number of UN staff members detained by the group to 69.Japans November core CPI annual rate will be released in ten minutes.1. All three major U.S. stock indexes closed higher. The Dow Jones Industrial Average rose 0.14% to 47,951.85 points, the S&P 500 rose 0.79% to 6,774.76 points, and the Nasdaq Composite rose 1.38% to 23,006.36 points. Amazon rose more than 2%, and Nvidia rose nearly 2%, leading the Dow Jones. The Wind U.S. Tech Big Seven Index rose 1.69%, Tesla rose more than 3%, and Facebook rose more than 2%. Most Chinese concept stocks rose, with BOSS Zhipin rising more than 5% and XPeng Motors rising nearly 3%. Micron Technologys strong earnings report boosted market confidence and helped major stock indexes rebound after consecutive declines. 2. European stock markets closed higher across the board. The German DAX rose 0.85% to 24,164.71 points, the French CAC40 rose 0.8% to 8,150.64 points, and the UK FTSE 100 rose 0.65% to 9,837.77 points. The European Central Bank kept interest rates unchanged, Germany shifted towards a more accommodative fiscal policy, and moderate inflation expectations improved market risk appetite. 3. US Treasury yields fell across the board. The 2-year Treasury yield fell 2.08 basis points to 3.460%, the 3-year yield fell 2.78 basis points to 3.497%, the 5-year yield fell 3.84 basis points to 3.662%, the 10-year yield fell 3.31 basis points to 4.120%, and the 30-year yield fell 2.43 basis points to 4.802%. 4. International precious metals futures generally closed lower. COMEX gold futures fell 0.23% to $4363.9 per ounce, and COMEX silver futures fell 2.17% to $65.45 per ounce. US President Trump is expected to sign a defense bill and consider a housing emergency. Federal Reserve officials hinted at a possible interest rate cut, while the European Central Bank kept interest rates unchanged. 5. International oil prices rose slightly on the 18th, closing at $55.9 per barrel; Brent crude oil futures rose 0.12% to $59.75 per barrel.

The USD/CHF exchange rate fluctuates at 0.94 prior to US five-year inflation projections

Alina Haynes

Dec 08, 2022 15:27

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During the Tokyo session, the USD/CHF pair is oscillating near the round-level barrier of 0.9400 as investors await the release of the United States' five-year consumer inflation forecasts for more direction. The Swiss franc is attempting to surpass the immediate resistance level of 0.9410, but the risk-on mentality stops the US Dollar from advancing further.

 

In the framework of the risk appetite theme, the US Dollar Index (DXY) is hitting resistance close to the significant level of 105.20. In the meantime, 10-year US Treasury yields have attempted to recover after falling to approximately 3.40 percent on Wednesday. The yield on long-term US Treasury bonds has rebounded to approximately 3.45%.

 

The growing unpredictability around the Federal Reserve's (Fed) policy outlook has caused market participants to feel anxious. As a result of favorable U.S. economic data, investors anticipate future rate hikes from the Federal Reserve to combat rising inflationary pressures. Moreover, it will compel a recession, as businesses will lower or maintain their current level of economic activity in response to rising interest liabilities.

 

At a Goldman Sachs financial conference, Bank of America (BoA) CEO Brian Moynihan informed investors that the United States economy will see "moderate contraction" in the first quarter of 2023.

 

Friday's release of US Consumer Inflation Expectations for the Next Five Years will continue to be closely monitored by investors.

 

Regarding the Swiss franc, investors are shifting their focus to the Swiss National Bank's (SNB) interest rate announcement scheduled for next week. As inflationary pressures are moderately over the target rate, it is predicted that SNB Chairman Thomas J. Jordan would continue to loosen monetary policy. This week, the Swiss Unemployment Rate fell to 2.1%, which is lower than the previous data of 2.0% and the consensus estimate of 2.2%.

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