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On May 15th, Reuters reported that Milan formally submitted his resignation to the Federal Reserve on Thursday, setting his departure date to be either or shortly before Warshs swearing-in as Fed chairman. Warsh is expected to be sworn in as Fed chairman in the coming days. In his resignation letter, Milan continued to warn that interest rates may be too high. He wrote that broader economic trends such as slowing population growth and deregulation will, on their own, reduce inflation, giving the Fed an opportunity to ease policy. He also argued that the technical challenges of measuring inflation could lead to inflation statistics being higher than they actually are.Israeli Prime Minister Netanyahu: If we had not waged two wars against Iran, we would be facing an entity with nuclear weapons, which would pose an existential threat to us.GFZ (German Center for Geosciences): A 6.37-magnitude earthquake struck the Banda Sea region.Iranian Foreign Ministry: Foreign Minister Araghchi met with Russian Foreign Minister Lavrov, and the two sides discussed and reviewed cooperation between Tehran and Moscow in the fields of politics, energy, transportation, and regional cooperation. They also exchanged views on the latest developments in West Asia and negotiations related to the Iranian nuclear issue.On May 15th, local time, an emergency meeting of interior ministers from the Gulf Cooperation Council (GCC) member states was held in Riyadh, the capital of Saudi Arabia, on May 14th. The meeting was chaired by Bahrain. The UAE delegation was led by Deputy Prime Minister and Minister of Interior Saif al-Islam. Saif stated that the UAEs participation in this meeting demonstrates the UAEs consistent adherence to the principle of "indivisible security within the GCC," meaning that any threat to GCC member states will directly affect the security and stability of the entire region. Saif stated that the UAE will continue to be committed to strengthening national security, safeguarding development achievements, consolidating social cohesion, and responding to all attempts to undermine the security and stability of GCC member states.

The USD/CHF exchange rate surges above 1.0060 as the risk-off sentiment regains dominance

Alina Haynes

Oct 20, 2022 15:21

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The USD/CHF pair reversed its minor decline from 1.0063 at the start of the Asian session and resumed its climb. Prior to the risk-on profile losing momentum, the asset exhibited a juggernaut rally to approximately 1.0063.

 

After two consecutive days of gains, a slight dip in the S&P 500 diminished investors' appetite for risk and drove demand for safe-haven assets. The US dollar index (DXY) oscillates slightly below the immediate barrier of 113.00 and appears on the verge of breaking through. In addition, 10-year US Treasury rates have reached a 14-year high of 4.14 percent as bets on a greater rate hike by the Federal Reserve have increased (Fed).

 

Regarding the Swiss franc, investors anticipate the release of the Trade Balance data. It is projected that the economic statistics will climb to 3,558M from 3,425M in the previous report.

 

The road map presented by James Bullard, president of the St. Louis Fed Bank, suggests that the central bank would maintain its hawkish stance for an extended length of time. Fed policymakers expect the central bank to raise interest rates by an additional 75 basis points (bps) when it meets on November 1 and 2, with a second 50 or 75 bps increase likely in December. Before relying on statistics, he highlighted that the Fed must first identify the proper rate level.

 

Despite some signs of slowing in certain areas, the Fed's Beige Book reported that price rises remained elevated. Therefore, price pressures remain a cause of concern. While the price of fuel and transportation has reduced, the cost of inputs for businesses has climbed. Labor demand is low due to firms' unwillingness to raise payrolls in expectation of an economic recession.

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