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On March 29th, it was learned from the Beijing Financial Regulatory Bureau that Beijing has taken the lead nationwide in launching the development and application of commercial insurance products for intelligent connected new energy vehicles. The new products largely follow the existing new energy commercial vehicle insurance system, adhering to the principle of "overall stability with partial optimization." They primarily provide risk protection for specific intelligent driving scenarios and software/hardware losses that are of concern to consumers and automakers, and can be uniformly adapted to all levels of intelligent connected new energy vehicles from L2 to L4. For example, existing car insurance products mainly define drivers based on the basic scenario of "human driving," which is not fully applicable to L3 and L4 level "human-machine co-driving" or "machine driving" scenarios. Furthermore, for L2 level assisted driving vehicles, some consumers upgrade their assisted driving systems at their own expense after purchasing a new car, but existing car insurance products do not cover this portion of the loss, requiring further optimization.According to Iranian state media, Iranian Parliament Speaker Qaribaf stated that the United States talks about negotiations in public but is secretly planning a ground offensive.On March 29, local time, a U.S. military KC-135R aerial refueling tanker encountered an emergency during a mission and was forced to return to Tel Aviv, Israel.The Israel Defense Forces have detected another ballistic missile launch by Iran. Alarms are expected to sound in southern Israel within the next few minutes.On March 29, South Korean Deputy Prime Minister and Minister of Finance and Economy Koo Yoon-cheol stated that if international oil prices rise to $120 to $130 per barrel, the government is likely to activate a Level 3 resource security crisis alert, and the vehicle license plate number restriction measures will be expanded to include the private sector.

The USD/CHF exchange rate is approaching 0.9860 in anticipation of US ISM Services PMI data

Daniel Rogers

Sep 05, 2022 16:38

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The USD/CHF pair has been steadily climbing since the start of the Tokyo session, and it is currently trading near a six-week high of 0.9860. After a month of uninterrupted control by bulls, the asset is now moving sideways. The major is trading between 0.9783 and 0.9859; a rise is expected.

 

Since the favorable US Nonfarm Payrolls (NFP) report was released on Friday, the asset's value has risen considerably. After the US economy added 315k jobs in August, beating predictions of 300k, the Federal Reserve (Fed) is more likely to raise interest rates by 75 bps for a third consecutive time. The Federal Reserve's policymakers must face the unsettling reality of a sluggish response to rising inflation. However, the Federal Reserve's worries are fading as the US economy posts a series of strong job growth.

 

Meanwhile, despite an increase in the Unemployment Rate, the value of the US dollar index (DXY) reached 110.03, a new 20-year high. The latest unemployment rate report came in at 3.7%, which is higher than both forecasts and the preceding report (3.5%). For the time being, investors will be focusing on the US ISM Services PMI data that will be released on Tuesday. Forecasts indicate a decline in economic indicators, from 56.7 to 54.9. As Monday is the United States' Labor Day, the markets will be closed.

 

As a result, the Swiss franc has fallen in value due to disappointing data on Real Retail Sales. The 2.6% GDP reading was lower than the 3.3% predicted by economists, but it was higher than the 0.7% reading reported in the prior update. Meanwhile, the annual rate of increase in the Consumer Price Index (CPI) has risen to 3.5%, which is higher than both market forecasts and the prior reading of 3.4%.

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