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The Jordanian military said it shot down two missiles and two drones launched by Iran into the country’s airspace in the past 24 hours.On April 6th, US President Trump stated in an interview on April 5th that the US is currently engaged in "in-depth negotiations" with Iran and hopes to reach an agreement before his April 7th deadline. Two sources indicated that the negotiations are being conducted through mediators from Pakistan, Egypt, and Turkey, and there has also been communication between Trumps advisors and the Iranian Foreign Minister. Trump stated that his special envoy, Witkov, and his son-in-law, Kushner, are conducting intensive negotiations with the Iranian side. Trump said that an agreement is very likely, but if an agreement cannot be reached, he will destroy everything there. Previously, Trump had threatened to destroy infrastructure vital to Iranian civilians if an agreement could not be reached with Iranian leaders.On April 6, Iranian Foreign Minister Araqchi stated during a phone call with Russian Foreign Minister Lavrov that the US threat to attack Iranian energy facilities was Washingtons "admission" of war crimes. In a statement, Iran said, "The Iranian Foreign Minister mentioned the US threat to attack Iranian energy facilities, considering these remarks a clear admission of war crimes." Araqchi pointed out that since the start of the war, the US has been attacking Irans industrial, energy, educational, medical, and nuclear infrastructure. He emphasized that the UN Security Council and the International Atomic Energy Agency should immediately condemn the US attacks on Iranian facilities.April 6 - According to the Telegram channel "TOLOnews Plus," citing the National Disaster Management Authority (ANDMA), as of Sunday, the death toll from floods and landslides caused by torrential rains that began in Afghanistan on March 25 has reached 99, with 154 injured.April 6th - According to foreign media reports, crude oil loading at the important Russian Baltic port of Ust-Luga was disrupted for several days following multiple drone attacks by Ukraine, but has now resumed. Shipping information shows that an Aframax bulk carrier named "Gem" began loading cargo on Saturday. Currently, Ukraine continues to attack Russian Baltic oil infrastructure; facilities at the port of Primorsk were damaged earlier on Sunday. Ukraines actions are aimed at curbing Russian export revenues. Global energy prices have risen due to the Middle East war. However, if Russia resumes a stable supply of crude oil from the Ust-Luga oil field, it could provide some relief to global markets turbulent due to Irans blockade of the Strait of Hormuz.

USD/CHF Continues Fed-Induced Declines Toward 0.9020 Support; Central Banks and US NFP in Focus

Daniel Rogers

Feb 02, 2023 16:13

During Thursday's Asian session, USD/CHF remained depressed at the lowest levels since August 2021 as bears enjoy a three-day slump near 0.9065. The Swiss Franc (CHF) pair extends its losses triggered by the US Federal Reserve as market participants expect the main central bank decision and January employment statistics.

 

The USD/CHF retested a multi-day low the day before in response to dismal US data and the Fed's dovish rate hike.

 

Despite the fact that the Fed matched market expectations by raising the benchmark rate by 0.25 percentage points, the statement that inflation "has eased but remains high" impacted on the U.S. currency.

 

Fed Chair Jerome Powell's statement that "We may pronounce that a deflationary process has begun" contributed to the depreciation of the US usd. In addition, the policymaker acknowledges the need for a rate cut by the end of 2023 if inflation decreases much faster than projected. Powell of the Federal Reserve stated that a couple more rate hikes are still required to achieve this.

 

Elsewhere, the US ISM Manufacturing PMI dropped to its lowest level since June 2020, reaching 47.4 in January compared to the forecasted 48.0 and the prior reading of 48. In addition, the ADP Employment Change dropped to a one-year low with 106K, compared to the 178K market forecast and the upwardly revised previous figure of 253K. In contrast, the number of JOLTS Job Openings grew to 11.01 million in December, exceeding both the average estimate of 10.25 million and the previous figure of 10.44 million.

 

Wall Street soared against this backdrop as 10-year US Treasury yields fell the most in two weeks. Note that benchmark interest rates are licking their wounds near 3.41 percent, while S&P 500 Futures are showing slight increases as of press time.

 

Prior to the monetary policy meetings of the European Central Bank (ECB) and the Bank of England, USD/CHF traders should pay attention to market movements affected by these central banks (BoE). However, significant attention should be paid to Friday's US Employment report. Nonfarm Payrolls (NFP), which is expected to decline to 185K from 223K earlier, will be an important indicator to track.


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