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September 22 (Yonhap) -- South Koreas Ministry of Trade, Industry and Energy told lawmakers on Tuesday that U.S. President Donald Trump will make a final announcement on bilateral investment plans, and funds can be transferred within 45 days if Washington requests it. Lawmakers also learned that South Korea will provide all the investment in a gas-fired power plant project in Texas, with ownership to be shared equally with its U.S. partner. Yonhap also reported that even though South Korea holds only a 5% to 10% stake in Westinghouse Electric, the U.S. nuclear power company, it will retain voting rights.On September 22, Zhou Xing, spokesperson and vice minister of the Ministry of Natural Resources, stated at a press conference held by the State Council Information Office that China, as a major manufacturing country, will continue to experience rigid growth in demand for important mineral resources during the 15th Five-Year Plan period. To this end, the Ministry of Natural Resources will continue to implement a new round of strategic actions for breakthroughs in mineral exploration, firmly securing energy resources and providing strong support for the development of advanced manufacturing in my country. This includes implementing the National Geological Mapping Plan, increasing the coverage rate of 1:50,000 regional geological surveys on land to 51%, and the coverage rate of mineral geological surveys in important metallogenic belts to 66%; intensifying exploration and mining efforts, organizing large-scale mineral exploration campaigns, focusing on scarce minerals such as oil, iron, copper, and aluminum, while also considering advantageous minerals such as rare earths, deploying a number of key exploration and mining projects, steadily advancing the construction of approximately 300 energy resource bases, and strengthening the foundation for ensuring energy resource security; strengthening technological innovation, achieving breakthroughs in incremental growth and revitalizing existing resources, and promoting mining enterprises to improve their "three rates" (mining recovery rate, beneficiation recovery rate, and comprehensive resource utilization rate), etc.On September 22, the Jiangsu Provincial Bureau of Statistics released a brief overview of Jiangsus economic performance from January to August. From January to August, the added value of industrial enterprises above designated size in the province increased by 6.5% year-on-year. In August, the added value of industrial enterprises above designated size increased by 5.7% year-on-year, with the added value of the pharmaceutical manufacturing, special equipment manufacturing, automobile manufacturing, and computer, communication and other electronic equipment manufacturing industries increasing by 13.8%, 13.0%, 11.1%, and 10.9% respectively.Reserve Bank of Australia Governor Bullock: The AI craze is exacerbating excessive demand in the Australian economy.According to Yonhap News Agency, the South Korean government will provide full investment in the Texas natural gas plant, with ownership shares to be split equally with those of the United States.

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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