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According to the Islamic Republic News Agency (IRNA), Iranian Parliament Speaker Qassem Ghalibaf stated that the United States and Israel have failed to achieve any of their objectives in the war. All parties have now concluded that the military operation against Iran has failed.The State Administration for Market Regulation announced that in June 2026, a total of 7 automobile manufacturers filed recall plans with the State Administration for Market Regulation, announcing the recall of a total of 41,800 vehicles.Rengo, Japans largest labor union, said on Friday that Japanese companies have agreed to wage increases of more than 5% for the third consecutive year, indicating that continued wage growth is gradually becoming a stabilizing trend supporting the worlds fourth-largest economy. The union, which has 7 million members, said the final results of the annual labor-management negotiations showed that Japanese companies agreed to an average wage increase of 5.01% this year. The average wage increase for Japanese companies was 5.25% last year and 5.10% the year before. Kazutaka Maeda, an economist at Meiji Yasuda Research Institute, said that the positive outcome of the labor-management negotiations, coupled with the positive turn in real wage growth in recent months, "should boost consumer spending and strengthen the case for the Bank of Japan to continue its gradual interest rate hike path." Analysts expect that robust corporate profits and a severe labor shortage will maintain the upward trend in wages, with many predicting similar wage increases next year.July 3rd - According to data from the China Passenger Car Association (CPCA), preliminary statistics show that from June 1st to 30th, the national passenger car market saw retail sales of 1.037 million new energy vehicles, a 7% decrease year-on-year but a 9% increase compared to the same period last month. The cumulative retail sales this year reached 4.734 million vehicles, a 13% decrease year-on-year. From June 1st to 30th, national passenger car manufacturers wholesaled 1.506 million new energy vehicles, a 22% increase year-on-year and an 11% increase compared to the same period last month. The cumulative wholesale sales this year reached 6.812 million vehicles, a 6% increase year-on-year.July 3rd - According to data from the China Passenger Car Association (CPCA), preliminary statistics show that from June 1st to 30th, the national passenger car market retail sales reached 1.651 million units, a 21% decrease compared to the same period last year, but a 9% increase compared to the same period last month. The cumulative retail sales this year are 8.75 million units, a 20% decrease year-on-year. From June 1st to 30th, national passenger car manufacturers wholesaled 2.376 million units, a 4% decrease compared to the same period last year, but a 7% increase compared to the same period last month. The cumulative wholesale sales this year are 12.562 million units, a 5% decrease year-on-year.

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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