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July 19th - A study released on the 18th by the Italian Confederation of Business, Tourism and Services Businesses indicates that with increasingly frequent extreme weather events, prolonged heatwaves could cause Italy economic losses of €6 billion to €12 billion (approximately RMB 46.5 billion to 93 billion) annually. The report points out that if Italy experiences 30 to 60 days of extreme heat each year, businesses will face multiple pressures, including rising energy costs, decreased labor productivity, forced increases in adaptive investments, and reduced turnover. High temperatures will also alter consumer and tourism habits, further impacting the commerce and tourism sectors.On July 19th, local time, on the evening of July 18th, Iranian Supreme Leader Mojtaba Khamenei stated that the United States repeated violations of the Islamabad Memorandum of Understanding (Iran-US Memorandum of Understanding) once again proved that the signature of the US president was "worthless and invalid." In a statement, Khamenei emphasized that the US actions exposed "bullying, power politics, and barbarity" as integral parts of American behavior and style. He stated that the US "has once again revealed its true and undisguised face. This dark experience filled with evil and treachery has once again become irrefutable evidence of the USs hypocrisy, unreasonableness, breach of trust, and despicable nature. Iran and the resistance have left the US with unforgettable lessons."The UK Maritime Trade Operations Office has received a report of an incident involving a merchant vessel and military forces approximately 100 nautical miles east of Duqm, Oman. The report indicates that the tanker was affected by ongoing military activity in the area.July 19 - The Kuwaiti Fire Department reported that several Kuwaiti firefighters were injured in multiple fires sparked by Iranian attacks. Firefighters brought under control of two fires that broke out this afternoon local time, triggered by the Iranian attacks. In one of the affected areas, several firefighters and an oil industry worker were injured. The area was attacked again during the firefighting operation. Firefighters also extinguished three other fires caused by shrapnel falling into residential areas; these fires did not result in any injuries.Advisor to the Ukrainian Interior Minister: The attacks in Ukraine have reduced Russias oil refining capacity.

USD/CHF reaches 0.9500 as China's anti-lockdown demonstrations prompt a risk-off posture

Alina Haynes

Nov 28, 2022 14:54

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After dropping close to a crucial support level at 0.9440 during the early Asian session, the USD/CHF pair struggled to rebound. Increasing individual protests against anti-Covid locking initiatives have produced a trend of risk aversion on the global market, which appears to be bolstering the attempted recovery.

 

The asset is trading near 0.9480 at the time of writing and is expected to remain under the influence of bulls as the US Dollar index (DXY) exhibits strength. The USD Index is approaching 106.23 and attempting to surpass 106.42, a two-day high. The heightened likelihood of a catastrophic economic slump as a result of China's households' road protests against Covid-19 limitations has raised the appeal of safe-haven investments.

 

10-year US Treasury yields remain below 3.70 percent as the Federal Reserve (Fed) seeks to suspend the larger culture of rate hikes in order to reduce market risks and evaluate the progress made by Fed policymakers to date.

 

The earliest estimates of the United States' Gross Domestic Product (GDP) will be crucial for future forecasting. The economic data for the third quarter is predicted to remain unchanged at 2.6%. This may keep the dollar in control, but it will not assist Federal Reserve Chair Jerome Powell in achieving price stability. Despite tough policy measures, persistent growth rates indicate sustained retail demand, which prevents inflation from declining as predicted.

 

Regarding the Swiss franc, investors look forward to Tuesday's GDP report. It is projected that quarterly economic data would remain constant at 0.3%. While annual growth rates are expected to decline from the previously predicted 2.8% to 1.0%,