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On April 29th, Priyanka Sachdeva of Phillip Nova stated in a report that the underlying demand for gold as a hedge against uncertainty remains robust. This means that even if gains are limited, macroeconomic uncertainty will still provide structural support for gold prices. She pointed out that the strengthening dollar and expectations of interest rate cuts have limited the upward momentum of gold, factors that have weakened the appeal of non-yielding assets like gold.April 29th - Spanish inflation unexpectedly accelerated further, exceeding the European Central Banks 2% target, supporting market expectations of an interest rate hike this year due to the conflict with Iran. Data released Wednesday showed that Spains CPI rose 3.5% in April, up from 3.4% in March and also exceeding market expectations. This increase was driven by fuel costs. Core inflation, excluding energy and some food items, fell slightly to 2.8%. The data was released as the European Central Bank held a two-day meeting, with analysts and investors expecting it to keep interest rates unchanged. Policymakers are still assessing the extent to which rising prices, such as gasoline, will transmit to other sectors of the economy. Spain is the first major Eurozone economy to release April inflation data, marking the second full month since the Middle East conflict. Germany will release its data later today, and overall Eurozone data will be released on Thursday before the ECBs interest rate decision.On April 29, it was announced that China will fully implement zero-tariff measures on 53 African countries with which it has diplomatic relations, effective May 1, 2026. Foreign Ministry Spokesperson Lin Jian stated at a regular press conference on the 29th that China has noted the strong anticipation and positive feedback from African countries regarding the zero-tariff measures. Given the current rise of global protectionism and unilateralism, and the spillover effects of the Middle East situation reaching neighboring continents, Chinas zero-tariff approach to sharing opportunities and promoting common development with Africa demonstrates the determination of both China and Africa to contribute to global peace and development through stability. Lin Jian added that China will also continue to negotiate and sign agreements on economic partnerships for common development with relevant African countries, simultaneously upgrade the green channel for African agricultural and food products exported to China, and continuously improve the level of trade facilitation between China and Africa.Futures News, April 29th: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes: 1. Pulp futures warehouse receipts: 189,412 tons, an increase of 974 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 15,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 957 tons, unchanged compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 5,160 tons, unchanged compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 133,350 tons, unchanged compared to the previous trading day. 6. Petroleum asphalt futures warehouse receipts totaled 28,610 tons, a decrease of 2,900 tons from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts totaled 31,890 tons, a decrease of 4,540 tons from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts totaled 3,511,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts totaled 31,570 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts totaled 0 tons, unchanged from the previous trading day.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 4.2 occurred near Kuqa City, Aksu Prefecture, Xinjiang, at 15:20 on April 29. The final result is subject to the official rapid report.

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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