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The preliminary reading of Frances June CPI will be released in ten minutes.On June 30, Wang Yifei, spokesperson for the China Council for the Promotion of International Trade (CCPIT), stated at a CCPIT press conference that in May 2026, the CCPIT system nationwide issued a total of 717,000 certificates of origin, ATA Carnets, and commercial certificates, representing a year-on-year increase of 12.14%. Among these, the value of non-preferential certificates of origin issued by the CCPIT system nationwide reached US$30.256 billion, a year-on-year increase of 14.36%; the number of certificates issued was 357,200, a year-on-year increase of 5.99%. The value of preferential certificates of origin issued by the CCPIT system nationwide reached US$11.066 billion, a year-on-year increase of 43.89%; the number of certificates issued was 310,800, a year-on-year increase of 32.26%. "The continued substantial increase in the value of certificates of origin issued by the national trade promotion system fully reflects the strong performance of my countrys foreign trade imports and exports, maintaining a stable growth trend overall. At the same time, it also reflects my countrys active efforts to deepen pragmatic cooperation with global economic and trade partners, the growing circle of friends of foreign trade enterprises, and the competitive innovation of my countrys foreign trade products and business models, demonstrating strong resilience and vitality," said Wang Yifei.Gold prices declined on June 30th, poised for their biggest monthly drop since October 2008. Quarterly, gold is also expected to record its first decline since 2024, with the largest drop since the second quarter of 2013. While the situation in the Middle East remains uncertain, the market is now more concerned about the extent to which the US will try to control inflation. Marex analyst Edward Meir stated that the current combination of high inflation, high interest rate expectations, and a strong dollar has suppressed the usual reasons supporting gold price increases. OCBC precious metals strategist Christopher Wong pointed out that gold bulls need to see at least one turning point—a decline in real yields, a weaker dollar, or a significant fading of market expectations regarding a hawkish stance from the Federal Reserve. Until then, the rebound in gold prices is unlikely to be sustainable, and it is more likely to fluctuate and consolidate below previous highs.European Central Bank Chief Economist Lane: Oil price futures curves indicate that oil prices will remain at high levels in the coming years, which means that economic costs will rise.The yield on Japans two-year government bonds fell 4 basis points to 1.355%.

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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