USD/CHF prints four-day downtrend below 0.9200 as US PMI, Durable Goods Orders loom – by anilpanchal7 USDCHF SNB Fed RiskAversion PMI
Following the interest rate announcements, SNB Chairman Thomas Jordan said that further rate rises cannot be ruled out to ensure price stability. The policymaker also said that taking a risk on a Credit Suisse bankruptcy would have been irresponsible while adding, “Measures taken by the federal government, FINMA and SNB have put a halt to the crisis.”
Elsewhere, the Fed’s heavy lending amid the banking rout flags fears of a ballooning Fed balance sheet, which in turn renews hawkish calls for the US central bank’s next moves. However, the mixed US data and the latest Fed statement appear to challenge the policy hawks. Also challenging the US Dollar could be the comments from key market players like DoubleLine’s Gundlach who recently reiterated his dovish bias for the US central banks.
The Financial Times recently mentioned said that the head of the world’s top financial regulator, Pablo Hernández de Cos, has called for tighter rules to clamp down on risks spreading from so-called “shadow banks” to other parts of the banking system. On the other hand, US Treasury Secretary Janet Yellen said on Thursday, “China and Russia may want to develop an alternative to the US dollar,” while also showing preparedness for additional deposit actions `if warranted'.
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