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On April 30th, a United Airlines pilot reported that his plane collided with a small object, suspected to be a drone, during landing on April 29th. Fortunately, no one was injured. The pilot was flying a Boeing 737, flight number 1980, from San Francisco, California to San Diego on the 29th. The incident occurred at approximately 8:30 AM local time, about 90 minutes into the flight, as the plane prepared for landing at an altitude of approximately 900 meters. There were 48 passengers and 6 crew members on board.The U.S. House of Representatives approved a Republican plan that paves the way for $70 billion in funding for Immigration and Customs Enforcement and the Border Patrol.On April 30th, at the 9th Digital China Summit on the afternoon of the 29th, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) released ten digital technology achievements of central enterprises. The event highlighted ten achievements, including the "Starry Sky Model" and the "Port Digital Twin Intelligent Agent Simulation Decision-Making Platform," showcasing the new breakthroughs made by central enterprises in key areas such as industrial software, core electronic components, and artificial intelligence.On April 30, a ruling filed on April 28 by a judge of the U.S. Court of International Trade indicated that the first batch of refunds for tariffs imposed by the U.S. government under the International Emergency Economic Powers Act (IEEPA) will be disbursed around May 11. The ruling shows that approximately 21% of imported goods subject to tariffs under IEPA have already gone through a new approval process by U.S. Customs and Border Protection and are eligible for tariff refunds.Samsung Electronics: We are conducting a preliminary review of our plans to build a second factory in Taylor, Texas.

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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