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The United States Trade Representative (USTR) welcomes the progress made by Switzerland; we are working to finalize a trade agreement with Switzerland.On June 30, the Swiss government issued a statement announcing that it had signed a joint statement with the United States last year aimed at stabilizing bilateral trade relations. As part of ongoing tariff negotiations with the US, the Federal Council recently released a statement of intent outlining how it will implement the specific commitments made in the previous joint statement. In addition to lowering import tariffs on some US goods following the signing of the statement, the Council plans to take further measures to implement the relevant agreements. These measures include simplified recognition of US standards in the areas of conformity assessment bodies, medical devices, passenger cars, and government procurement. The Council will implement these measures by revising regulatory rules. The implementation of these measures aligns with the objectives set forth in the joint statement and is consistent with the mandate for negotiations with the US. The Council also expects the US to fulfill its commitments in the same way. This announcement will further contribute to stabilizing bilateral economic relations between Switzerland and the United States and provide Swiss exporters with greater planning certainty. Negotiations on a legally binding trade agreement are still ongoing.Rokae Robotics announced on the Hong Kong Stock Exchange that it plans to issue 23.03 million H shares (subject to the exercise of the over-allotment option) in Hong Kong, priced at HK$38 per share, with trading expected to commence on July 9.The Democratic Republic of Congo has reported 1,307 confirmed cases of Ebola, with 377 deaths.S&P Global Ratings placed Comcasts credit rating on "negative watch" after Comcast announced its breakup plan.

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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