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On July 4, the South Korean Joint Chiefs of Staff reported that the South Korean military controlled a North Korean person who crossed the military demarcation line on the evening of the 3rd. The South Korean Joint Chiefs of Staff stated that after the South Korean military found the relevant personnel in the area of the military demarcation line in the central and western parts of the country on the evening of the 3rd, they tracked and monitored them, carried out induced operations, and then controlled the relevant personnel. At present, the relevant departments are investigating them. The Joint Chiefs of Staff also stated that as of now, the North Korean army has no special movements.According to a Reuters poll: 31 of 37 economists believe the Reserve Bank of Australia will cut the cash rate to 3.60% on July 8, while six believe the rate will remain unchanged. The median forecast of economists shows that the Reserve Bank of Australia will cut the cash rate to 3.10% by the end of 2025 (down from 3.35% in the May survey).Japanese government officials: Japans household spending growth in May was the fastest year-on-year since August 2022, and the month-on-month growth rate was the highest since March 2021.Trump praised U.S. Treasury Secretary Besant, U.S. Senate Republican leader Thune and U.S. House Speaker Johnson for the passage of the "Big, Beautiful Act."Japans total household spending in May was 4.7% year-on-year, in line with expectations of 1.20% and the previous value of -0.10%.

The USD/CHF exchange rate is approaching 0.9860 in anticipation of US ISM Services PMI data

Daniel Rogers

Sep 05, 2022 16:38

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The USD/CHF pair has been steadily climbing since the start of the Tokyo session, and it is currently trading near a six-week high of 0.9860. After a month of uninterrupted control by bulls, the asset is now moving sideways. The major is trading between 0.9783 and 0.9859; a rise is expected.

 

Since the favorable US Nonfarm Payrolls (NFP) report was released on Friday, the asset's value has risen considerably. After the US economy added 315k jobs in August, beating predictions of 300k, the Federal Reserve (Fed) is more likely to raise interest rates by 75 bps for a third consecutive time. The Federal Reserve's policymakers must face the unsettling reality of a sluggish response to rising inflation. However, the Federal Reserve's worries are fading as the US economy posts a series of strong job growth.

 

Meanwhile, despite an increase in the Unemployment Rate, the value of the US dollar index (DXY) reached 110.03, a new 20-year high. The latest unemployment rate report came in at 3.7%, which is higher than both forecasts and the preceding report (3.5%). For the time being, investors will be focusing on the US ISM Services PMI data that will be released on Tuesday. Forecasts indicate a decline in economic indicators, from 56.7 to 54.9. As Monday is the United States' Labor Day, the markets will be closed.

 

As a result, the Swiss franc has fallen in value due to disappointing data on Real Retail Sales. The 2.6% GDP reading was lower than the 3.3% predicted by economists, but it was higher than the 0.7% reading reported in the prior update. Meanwhile, the annual rate of increase in the Consumer Price Index (CPI) has risen to 3.5%, which is higher than both market forecasts and the prior reading of 3.4%.

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