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Sources say that before the Russian attack, the Friendship pipeline carried both Ukrainian and Russian crude oil.As of 8:30 PM Beijing time, WTI crude oil futures rose 2.44%, and US natural gas futures rose 1.31%.On February 27, the Ministry of Ecology and Environment and the State Taxation Administration signed a Memorandum of Understanding in Beijing on the same day, titled "Memorandum of Understanding on Deepening Cooperation among Environmental Protection Tax Collection and Management Departments." This memorandum aims to further enhance cooperation between the two departments, continuously utilize taxation as an economic means to protect the ecological environment, promote green economic transformation, and serve the construction of a beautiful China. According to the memorandum, the Ministry of Ecology and Environment and the State Taxation Administration will further deepen cooperation in areas such as information sharing, tax collection and management services, routine review, and joint supervision. They will jointly guide local ecological and environmental protection and tax departments at all levels to deepen cooperation, continuously expand the depth and breadth of collaborative governance, and continuously promote efficient governance and high-quality development.Deutsche Bank downgraded Warner Bros. Discovery Inc. (WBD.O) from "Buy" to "Hold"; raised its price target from $29.50 to $31.February 27th - According to a joint survey by YouGov and Citigroup, public expectations for inflation in the UK declined in February, leading economists at Bank of America to believe that the Bank of England is likely to cut interest rates in March. They noted, "Our base case remains that a softening labor market, declining inflation, and slower wage growth should lead the Bank of England to cut rates in March." LSEG data shows that the market expects an 83% probability of a rate cut by the Bank of England in March.

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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