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Swiss CPI data released earlier today showed no change in the index, suggesting that inflation is running marginally higher than expected.

1. Swiss CPI (inflation) data released earlier this morning showed no month-on-month change at all - the Index was widely expected to decline by 0.2%, so it seems Swiss inflation is running just a little hotter than was widely thought. This may be helping the Swiss Franc to get a little weaker.
2. The precious metal Gold advanced strongly last Friday and has held its strength in early trading so far this week. It is the only precious metal whose long-term bullish trend survived last week's strong selloff in risky assets.
3. One of the Federal Reserve's Board Members has resigned giving President Trump the opportunity to make an appointment. Trump is crying out for rates to be cut faster, while Fed Chair Jerom Powell's recent words effectively dashed expectations of a September rate cut. Whoever is Fed hair, President Trump may find an underlying headwind against rate cuts anyway.
4. We are seeing a minor recovery in risky assets this morning after the strong selloff last Thursday and Friday called many longstanding trends into question. As the new month begins, we may have seen a major market reversal just take place.
5. In the Forex market, the Australian Dollar has been the strongest major currency since the week's open, while the Swiss Franc has been the weakest.
6. The Bank of India is holding a policy meeting Wednesday, and the Bank is expected to leave rates unchanged due to the relatively high tariff the United States has imposed on Indian imports. It is notable that US/India relations are not as close now as they were during Trump's first term. The Rupee is falling, and the USD/INR currency pair is seeing the price rise towards the all-time high made last February.

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