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According to Politico: Microsoft President Brad Smith dismissed US Vice President Vances allegations of visa fraud, calling them "completely untrue."On October 15th, Pan Gongsheng pointed out that escalating geopolitical conflicts remain the biggest uncertainty for the global economy. Significant fluctuations in some countries sovereign debt markets and the risk of valuation corrections in AI-related assets have exacerbated financial vulnerability. Promoting the modernization of financial regulation does not equate to relaxing regulation, and should not undermine the stability and risk resilience of the financial system. All parties should make full use of the G20 financial cooperation platform to strengthen macroeconomic policy coordination and jointly address global risks and challenges. Regarding global imbalances, all parties should have a more comprehensive analytical perspective. We cannot only look at the current account; we must also pay attention to financial channels, especially as global financial integration deepens, and we should pay more attention to the impact of financial factors such as capital flows on imbalances. Global imbalances cannot be addressed through exchange rate adjustments. Exchange rates are affected by a variety of factors, including economic growth, monetary policy, financial markets, geopolitics, and unforeseen risk events, and do not have a simple linear relationship with the current account. Deficit and surplus countries should work together to achieve a dynamic balance in the global economy.On October 15th, at the JD.com 11.11 launch event, it was announced that JD.com will create the 11.11 shopping festival with the deepest AI applications and the widest coverage of scenarios this year. Data shows that JD.coms JoyAvatar digital human, available 24/7 online, has served over 90,000 merchants this year, with the number of merchants using digital human live streams increasing by 340% year-on-year.The Gulf Cooperation Council announced that the Gulf-EU summit has been rescheduled due to Houthi attacks.On October 15th, Tmall held a press conference for its Double 11 shopping festival. Tmall President Jialuo stated in a media interview that Double 11 cannot revert to its original form of simply offering a 50% discount across the entire platform. He explained that the original Double 11 format primarily involved selling limited-quantity items. Now that it has become an event with hundreds of millions of consumers and millions of merchants participating, Double 11s focus is not on 50% discounts, but on merchants offering the lowest genuine discounts of the year.

The USD/CHF exchange rate bounces around 0.9700 as hawkish Fed bets rise, with the US PMI in focus

Alina Haynes

Jun 20, 2022 15:40

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In the early Tokyo session, the USD/CHF exchange rate fluctuates between 0.9687 and 0.9712. Following a retest of its earlier lows at 0.9629 under waning selling pressure, the asset has appreciated significantly. After the Swiss National Bank (SNB) issued a 50 basis point (bps) interest rate rise on Thursday, the dollar faced heavy selling pressure against the Swiss franc last week.

 

The current SNB official interest rate is - 0.25 percent. Over the past fifteen years, the Swiss National Bank (SNB) has maintained a constant posture on interest rates to make the Swiss franc less attractive, so luring more business to the Swiss economy. In reaction to inflation shocks, the SNB has announced a huge hike in interest rates, following in the footsteps of other Western countries. After SNB president Chris Jordan's unexpected announcement of a rate rise, the Swiss franc is no longer overvalued, and higher interest rates will assist Swiss currency bulls going ahead.

 

In the meantime, the US dollar index (DXY) is trading flat in the Asian session at about 104.66 despite rising possibilities of a Federal Reserve announcement of a 75 basis point (bps) consecutive rate hike (Fed). It will take a little longer for pricing pressures to result in stable prices. Investors will continue to focus on US PMI data moving forward.

 

It is projected that the Composite PMI would increase to 53.5 from 53.4. The Composite PMI's separation into Manufacturing and Services entails a performance drop. The Services PMI is expected to be significantly lower at 49.1 than the prior figure of 53.2. The Manufacturing PMI is expected to decline to 54.7 from 55.7, but the Services PMI is expected to remain steady.

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