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According to CCTV: Li Qiang chaired an executive meeting of the State Council, which decided to approve four nuclear power projects, including the first phase of the Zhuanghe nuclear power project in Liaoning.According to CCTV: Li Qiang chaired an executive meeting of the State Council, which reviewed and approved the "Draft Decision of the State Council on Amending the Regulations on the Administration of Housing Provident Funds" and the "Draft Decision of the State Council on Amending and Repealing Some Administrative Regulations".According to CCTV: Li Qiang chaired an executive meeting of the State Council to study relevant work on the implementation of the health-first development strategy.According to CCTV: Li Qiang chaired an executive meeting of the State Council, where he heard reports on the construction of new power grids and logistics networks.On July 31, the State Council Executive Meeting studied and implemented the spirit of General Secretary Xi Jinpings important speech on the economic situation in the first half of the year and the work for the second half of the year. The meeting emphasized the need to unify thinking and understanding with the Party Central Committees scientific judgment on the economic situation, and to take more concrete measures to promote sustained, improved, and positive economic development, striving for a good start to the 15th Five-Year Plan. It stressed the importance of effectively improving the implementation efficiency of macro policies, making full use of existing policies, and promptly planning and introducing practical and effective new policies. The meeting also emphasized the need to effectively expand domestic demand, seize opportunities in areas with great potential and strong driving force to launch a series of powerful measures, accelerate the implementation of major projects identified in the 15th Five-Year Plan, and solidly advance the planning and construction of the "six networks." Furthermore, it stressed the need to continuously enhance the endogenous driving force of development, and to come up with more practical and effective measures in areas such as building a unified market and optimizing the business environment. Finally, it emphasized the need to continue to prevent and resolve risks in key areas, solidly carry out disaster prevention, mitigation, and relief work, ensure safe production, strengthen assistance to people in difficulty, and safeguard the basic livelihood of the people.

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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