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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

The USD/CHF exchange rate declines toward 0.9400 as FOMC-inspired confidence boosts market mood

Alina Haynes

Nov 24, 2022 15:00

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In the early Asian session, the USD/CHF pair is wallowing at 0.9423 after two consecutive severely bearish sessions. Bears have paused their six-day run in the last two trading sessions as investors' risk appetite has increased. In response to Federal Open Market Committee (FOMC) minutes containing fewer hawkish indications, the dollar fell.

 

As market sentiment remains hopeful, it is projected that the major currency will continue to drop and may approach the 0.94 round-number support level. The FOMC minutes signal that the era of greater rate hike announcements is over and that a reduction in the rate rise pace is necessary for central banks to attain price stability.

 

Due to Federal Reserve (Fed) policymakers' less hawkish statements on interest rate guidance, the US Dollar Index has dropped (DXY). The US Dollar is now trading near 106.10, and it is expected to test the previous week's low of 105.34. As the likelihood of a fifth consecutive rate hike of 75 basis points (bps) by the Fed diminishes, so do the returns on US Treasury bonds. Long-term US Treasury bond yields have dropped below 3.80%. Meanwhile, US markets are closed on Thanksgiving.

 

Additionally, solid US Durable Goods Orders were insufficient to support the US Dollar. The economic data exceeded expectations and the preceding report by 1.0%. Strong consumer demand and low real income may encourage customers to borrow more, resulting in higher delinquency costs for credit providers.

 

Regarding the Swiss franc, Swiss National Bank (SNB) Chairman Thomas J. Jordan reiterated that monetary policy remains expansionary and "we will likely change monetary policy again" The Swiss central bank is mandated to maintain an inflation rate between 0 and 2 percent, and the existing monetary policy is sufficient to achieve this goal.

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