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The Philippines central bank policy rate as of June 18 was 4.5%, compared to an expected 4.75% and a previous value of 4.50%.The Swiss government says the current plan remains for the United States and Iran, along with Pakistan, Qatar and other relevant countries, to hold preliminary talks on the implementation of the peace agreement on Friday in Bilgenberg.On June 18, Sun Lei, Chinas Deputy Permanent Representative to the United Nations, delivered a general statement at the 36th Meeting of States Parties to the United Nations Convention on the Law of the Sea on June 17, clarifying Chinas position on the renewed hype surrounding the so-called "South China Sea Arbitration Case" by certain countries. Sun Lei emphasized that this meeting was not a suitable forum for discussing the South China Sea issue, but China had to clarify its solemn position regarding erroneous claims. The "South China Sea Arbitration Case" violates the principle of "state consent." The "arbitral tribunal" exceeded its authority and rendered a wrongful judgment; its "award" is illegal and invalid. The "arbitration case" is a political provocation disguised as law, aimed at denying Chinas territorial sovereignty and maritime rights in the South China Sea. China has never accepted or recognized this "award," and Chinas territorial sovereignty and maritime rights in the South China Sea are unaffected by it under any circumstances.The UK unemployment rate was 4.46% in May, up from 4.40% in the previous month.Switzerlands trade balance in May was 6.11 billion Swiss francs, compared with 3.098 billion Swiss francs 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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