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June 18th - In a report, Nick Rees of Monex Europe stated that after the Bank of England kept interest rates unchanged at 3.75% on Thursday, upcoming UK economic data and domestic political developments will determine whether the pound will continue to weaken. Although two members of the nine-member Monetary Policy Committee voted in favor of a rate hike, the Bank of Englands communication suggests that, overall, there is no urgency to change policy in the short term. If data further indicates economic weakness and political risks rise, the pound could fall further.The U.S. Conference Board Lagging Index fell 0.1% month-on-month in May, compared with 0.4% in the previous month.The U.S. Conference Board Coincident Economic Index rose 0.2% month-on-month in May, down from 0.3% in the previous month.The U.S. Conference Board Leading Economic Index rose 0.1% month-on-month in May, in line with expectations, while the previous reading was revised from 0.10% to 0.2%.June 18th - According to the Urumqi Municipal Housing and Urban-Rural Development Bureau, the housing purchase subsidy adheres to the principles of fairness, inclusiveness, targeted implementation, convenience, efficiency, and transparency. The subsidy is available to individuals purchasing homes within the administrative region of Urumqi. Buyers of newly built commercial housing that has obtained a "Pre-sale Permit for Commercial Housing" or a "Certificate of Registration for Sale of Existing Commercial Housing," and who sign a purchase contract and complete online registration within the specified time, are eligible to apply for the subsidy. The policy clearly defines the scope of application; secondhand housing, various types of affordable housing, apartments, shops, office buildings, parking spaces, and other non-residential properties are not eligible for this housing purchase subsidy. The subsidy standard is a one-time subsidy of 8,000 yuan per new home, and each property can only receive the subsidy once. This policy will be implemented from June 17th to June 30th, 2026.

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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