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July 6th - The US ISM Services PMI report showed that economic activity in the service sector continued to expand in June. The services PMI registered 54, marking the 24th consecutive month in expansion territory. Miller, chairman of the ISM Services Business Survey Committee, stated that the June services PMI was 54, down 0.5 from 54.5 in May. The business activity index remained in expansion territory, down 2.3 from 57.7 in May to 55.4. The price index fell to 67.7 in June, down 3.6 from 71.3 in May, marking the first time it has fallen below 70 since February. This index has been above 60 for 19 consecutive months, with a 12-month average of 68. Diesel, gasoline, petroleum, and related commodities were again mentioned as the commodities with the largest price increases in June, but other respondents reported price declines. This may be due to differences in contract terms between different companies for these commodities. Some respondents reported lower prices for gasoline and diesel, but this was not a widespread phenomenon. We expect this situation to continue for several months as rising oil prices are transmitted to the supply chain, but assuming continued progress in oil shipments through the Strait of Hormuz in the near term, it should ease in the fall.The U.S. ISM non-manufacturing supplier deliveries index for June was 54.4, compared to 55.2 in the previous month.The U.S. ISM non-manufacturing inventory index for June was 51.2, down from 62.5 in the previous month.The U.S. Conference Board Employment Trends Index for June was 106.69, compared to 107.01 in June.The U.S. ISM non-manufacturing new orders index was 55.1 in June, compared with 57.3 in the previous month.

USD/CHF Steady at 1.0020 as DXY Pauses, Powell and US Retail Sales Take Center Stage

Daniel Rogers

May 16, 2022 10:46

The USD/CHF pair is bouncing within a small range between 1.0020 and 1.0030 in early Tokyo, as the US dollar index (DXY) is not gaining much traction due to Monday's light economic calendar. Although broad-based fundamentals continue to favor the dollar bulls, the Federal Reserve (Fed) is projected to raise interest rates by another significant number in June in an effort to limit the inflation issue.

 

Last week, Fed's Powell's interview with the national radio show Marketplace revealed the ongoing conversations among Fed policymakers regarding anticipated rate hikes in monetary policies. Fed Powell indicated that the Fed could declare two additional rate hikes in the next two consecutive monetary policy sessions in order to tame the soaring inflation.

 

In the meantime, the US dollar index (DXY) is poised between 104.46 and 104.60 after reaching a new 19-year high of 105.00 on Friday. The DXY appreciates the broader gains but requires further triggers to maintain strong. In the future, two significant events on Tuesday will keep investors occupied. First will be Fed Chairman Powell's speech, which will likely influence monetary policy action in June. The second significant event is the monthly US Retail Sales report, which is anticipated to increase by 0.7% from the previous reading of 0.5%.

 

In terms of the Swiss franc, Friday's Industrial Production data will be the focal point. The catalyst reached 7.3% the previous time. A greater-than-anticipated number will strengthen the Swiss franc against the U.S. dollar. 

USD/CHF

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