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South Korean President Lee Jae-myung: We must expedite the administrative processes related to the chip industry cluster.July 6th - Members of the New Zealand Institute of Economic Researchs (NZIER) Shadow Monetary Policy Committee held nearly equal views, reflecting uncertainty about the Reserve Bank of New Zealands (RBNZ) policy outlook ahead of its July meeting. The NZIER Shadow Monetary Policy Committee narrowly supported keeping the RBNZs Official Cash Rate (OCR) unchanged at 2.25% in July, but called it a move roughly equivalent to a 25 basis point rate hike. Those supporting raising the OCR to a neutral level as soon as possible cited rising inflation as the primary reason. Weak demand and high unemployment were considered key reasons for carefully weighing tightening policies. Members differed on the impact of oil prices, with some believing the inflationary impact was temporary and waning, while others warned that price pressures could persist for a longer period. Some members indicated that the next significant policy assessment would be around the time of the second-quarter CPI data release. The committee unanimously agreed that the OCR should rise to 3% to 3.25% over the next year. Several committee members stated that monetary policy needs to gradually return to a neutral level, while also pointing out that weak demand and high unemployment mean the Fed should carefully manage the pace of tightening.International crude oil prices are trending weakly. A chart provides a quick overview of the pre-market conversion prices of crude oil between domestic and international markets.Spot gold and silver rebounded from their lows; a chart provides a quick overview of the pre-market prices of precious metals, converted between domestic and international markets.July 6th - Samsung Electronics, the worlds largest memory chip manufacturer, is set to release its second-quarter results on Tuesday. Analysts average forecast predicts preliminary operating profit of 84.3 trillion won (approximately $55.1 billion), an 18-fold increase year-over-year, exceeding its full-year profit for 2025. Revenue is expected to grow by 127%, reaching a record 169 trillion won. Since June, chip stocks have experienced several significant corrections due to market concerns about intensified competition, potential overcapacity, and the return on massive AI investments. This further amplifies the importance of Samsungs results, as market expectations are already high, leaving little room for the company to disappoint. Dave Mazza, CEO of Roundhill Financial, stated, "Samsungs results come at a time when the market is simultaneously questioning both the supply and demand sides of the memory chip investment logic. If the results are close to market expectations, it will help quell the controversy and benefit Samsung."

USD/CHF Jumps on a Weak Open Near 0.9310, Tracing the DXY's Recovery

Drake Hampton

Apr 11, 2022 10:46

  • USD/CHF has shrugged off the bearish opening and is aiming for last week's high of 0.9370.

  • The Fed's big interest rate hike is premised on a forecast of a higher US CPI print of 8.3 percent.

  • Mester of the Federal Reserve anticipates that inflation will remain elevated even next year.

 

The USD/CHF pair is surging higher on Monday following a slightly negative starting gap at approximately 0.9310. Typically, a stronger positive response by market players following a gap-down opening signal a bargain purchase for investors.

 

The pair is extending last week's optimism, as the Swiss unemployment rate remained constant at 2.2 percent, supporting the strong greenback against the Swiss franc.

 

The asset is tracking the US dollar index (DXY), which is predicted to continue printing huge swings as investors await Tuesday's release of the US Consumer Price Index (CPI). This will have a substantial impact on the Federal Reserve's (Fed) probable monetary policy move in May.

 

The market consensus estimates annual US inflation at 8.3 percent, far higher than the prior number of 7.9. On the inflation front in the United States, Cleveland Federal Reserve (Fed) president Loretta Mester indicated on Sunday that inflation will continue high this year and next despite the Fed's gradual slowing of price hikes, according to Reuters. To keep inflation below the target of 2%, a reasonable healthy time is required, and the Fed is expected to maintain a robust hawkish position until then.

USD/CHF

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