President James Bullard who mentioned that they have a serious inflation problem in the US, as reported by Reuters. "More rate rises to come in future meetings." Additionally, Minneapolis Fed President Neel Kashkari said the central bank is moving "very aggressively," and there is a high risk of "overdoing it."
Elsewhere, Multiple leaks in Russia’s gas pipeline in the Baltic Sea raise woes that the Eurozone’s energy supply problems are likely to be permanent. The same intensify fears of recession inside the bloc, especially amid an absence of impressive data and inflation fears.
Also weighing on the sentiment could be the multiple rating agencies, including Moody’s, as well as the international institutions like the International Monetary Fund , which criticized the UK government’s latest approach. Amid these plays, Wall Street closed mixed but the yields remained firmer and underpinned the US dollar’s safe-haven demand.
To sum up, the risk-aversion wave keeps the pair buyers hopeful but the CHF’s safe-haven status challenges its upside momentum. That said, the Swiss National Bank’s Quarterly Bulletin and a speech from Fed Chairman Jerome Powell will be important to watch for fresh impulse as the SNB has recently been aggressive in rate hikes and any such signs may help the bears. On the contrary, Fed Chair Powell’s hawkish comments should be enough to wake up bull.
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