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On July 6th, Tatsuo Yamazaki, former head of Japans foreign exchange policy and former finance minister at the Ministry of Finance, stated in an interview that the yen should appreciate by up to 20% from its current level (approximately 130 yen to the US dollar), refuting bets that the yen might weaken further. Yamazaki stated, "This is no longer a fundamental issue, but rather a question of how market expectations will change. But we are approaching a climax." He believes that the current estimate of the yen being undervalued by 10% is likely conservative. "I wouldnt be surprised if the yen rises to around 130. Frankly, thats my view." At the same time, Yamazaki suggested that the market should not mistake the recent apparent calm from Japanese authorities for complacency. He stated, "They have issued warnings, and anyone still holding short yen positions knows they face the risk of intervention and punishment—forced liquidation. The Ministry of Finance has gone beyond the warning stage; the authorities have indicated their willingness to take action."July 6th - In the third quarter of 2026, Shenzhen plans to launch 30 new residential projects, with an estimated supply of 882,821 square meters and 7,212 units. This includes: 770,222 square meters of residential space (6,929 units); 100,855 square meters of commercial apartments (184 units); 7,595 square meters of commercial space (63 units); and 4,149 square meters of office space (36 units).Germanys construction PMI for June was 44.8, compared to 42.4 in the previous month.Ukrainian President Zelensky: Following Russias attack on Kyiv, we call on NATO to take strong action.Samsung Electronics announced on Monday that its semiconductor business employees will receive performance bonuses of up to 100% of their base salary for the first half of this year. This generous bonus level is consistent with the second half of last year and will be distributed on Wednesday. The bonuses come as the semiconductor industry enters an unprecedented AI supercycle, with shipments of high-bandwidth memory (HBM) continuing to climb. Analysts estimate that Samsungs memory chip division generated approximately 140 trillion won (about $91 billion) in operating profit in the first half of this year alone. Full-year operating profit is likely to approach 350 trillion won. Samsung is scheduled to release its second-quarter earnings guidance on Tuesday.

The USD/CHF exchange rate fluctuates at 0.94 prior to US five-year inflation projections

Alina Haynes

Dec 08, 2022 15:27

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During the Tokyo session, the USD/CHF pair is oscillating near the round-level barrier of 0.9400 as investors await the release of the United States' five-year consumer inflation forecasts for more direction. The Swiss franc is attempting to surpass the immediate resistance level of 0.9410, but the risk-on mentality stops the US Dollar from advancing further.

 

In the framework of the risk appetite theme, the US Dollar Index (DXY) is hitting resistance close to the significant level of 105.20. In the meantime, 10-year US Treasury yields have attempted to recover after falling to approximately 3.40 percent on Wednesday. The yield on long-term US Treasury bonds has rebounded to approximately 3.45%.

 

The growing unpredictability around the Federal Reserve's (Fed) policy outlook has caused market participants to feel anxious. As a result of favorable U.S. economic data, investors anticipate future rate hikes from the Federal Reserve to combat rising inflationary pressures. Moreover, it will compel a recession, as businesses will lower or maintain their current level of economic activity in response to rising interest liabilities.

 

At a Goldman Sachs financial conference, Bank of America (BoA) CEO Brian Moynihan informed investors that the United States economy will see "moderate contraction" in the first quarter of 2023.

 

Friday's release of US Consumer Inflation Expectations for the Next Five Years will continue to be closely monitored by investors.

 

Regarding the Swiss franc, investors are shifting their focus to the Swiss National Bank's (SNB) interest rate announcement scheduled for next week. As inflationary pressures are moderately over the target rate, it is predicted that SNB Chairman Thomas J. Jordan would continue to loosen monetary policy. This week, the Swiss Unemployment Rate fell to 2.1%, which is lower than the previous data of 2.0% and the consensus estimate of 2.2%.

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