Weekend News: Russia, China and SNB’s Jordan were in focus

Not only was the central bank filled volatile week but the weekend updates were also interesting and allowed traders to consolidate the previous moves amid early Monday. Among them, headlines surrounding Russia, China and the Swiss National Bank (SNB) gained major attention.

Doubts over Putin’s power ease geopolitical woes

“Heavily armed Russian mercenaries withdrew from the southern Russian city of Rostov under a deal that halted their rapid advance on Moscow but raised questions on Sunday about President Vladimir Putin's grip on power,” said Reuters.

The news also states that fighters of the Wagner group began heading back to their bases late on Saturday in return for guarantees of their safety. “Their commander, Yevgeny Prigozhin, will move to Belarus under the deal mediated by Belarusian President Alexander Lukashenko,” adds Reuters.

While reacting to the news, U.S. Secretary of State Antony Blinken suggested the turmoil in Russia could take months to play out, while Italy's foreign minister said it had shattered the "myth" of Russian unity, per the news.

Hopes of sooner China stimulus gain strength

Apart from the likely challenges to the Russia-Ukraine woes, the recent push for China stimulus from a senior economic official with the country's top political advisory body also allowed the Antipodeans to begin the trading week on a front foot.

“China needs to step up measures as soon as possible to bolster a faltering post-COVID recovery in the world's second-largest economy,” said Ning Jizhe, deputy head of the economic committee of the Chinese People's Political Consultative Conference (CPPCC) and a former vice head of the National Development and Reform Commission (NDRC).

China's economy faces heavy downward pressure and its recovery is unstable and imbalanced, said Ning, who is also a former head of the National Bureau of Statistics.

The strength of macroeconomic measures "ought not be small" to prevent "an economic spiral contraction" in a global slowdown, said Ning.

SNB’s Jordan flags further rate hikes

Swiss National Bank (SNB) Chairman Thomas Jordan flagged further interest rate hikes in an interview aired by Swiss broadcaster SRF on Saturday, per Reuters.

“SNB's recent interest rate hike was ‘very likely not quite’ enough to get a grip on inflation in Switzerland,” SNB’s Jordan adds per the news.

The news also said that SNB’s Jordan also spoke of the recent rescue of Credit Suisse, which was taken over by Swiss rival UBS and given access to more than 200 billion Swiss francs ($223 billion) in financial guarantees.

Also read: Gold Price Forecast: XAU/USD portrays bearish consolidation on growth, geopolitical clues, US inflation eyed

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content

Recommended content

Editors’ Picks

AUD/USD stays defensive below 0.6650 amid China slowdown worries

AUD/USD stays defensive below 0.6650 amid China slowdown worries

AUD/USD stays weak below 0.6650 in Asian trading on Tuesday, undermined by mounting worries over China's economic slowdown. The Aussie shrugs off small rate cuts by the PBOC and a subdued US Dollar. Pre-US earnings results caution also weighs on the pair. 


USD/JPY extends losses toward 156.00, as risk-off mood returns

USD/JPY extends losses toward 156.00, as risk-off mood returns

USD/JPY accelerates declines toward 156.00 early Tuesday. The Japanese Yen stays bid as risk-off flows return in the Asian session, sustaining the US Dollar weakness-driven downside in the pair. The pair looks to Japanese verbal intervention and mid-tier US data. 


Gold price moves away from over one-week low, climbs back above $2,400 mark

Gold price moves away from over one-week low, climbs back above $2,400 mark

Gold price extended its recent corrective slide from the record high touched last week and fell to a more than one-week trough on Monday. US President Joe Biden's withdrawal from the 2024 Presidential election increased the chances of Donald Trump becoming the next US President, raising hopes of a looser regulatory environment.

Gold News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin finds support around the $67,000 level

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin finds support around the $67,000 level

Bitcoin and Ripple prices are holding steady around their respective weekly and daily support levels, hinting at an imminent rally. Meanwhile, Ethereum is encountering resistance at the $3,530 mark; a decisive close above this level would signal a bullish breakthrough.

Read more

Earnings review

Earnings review

In recent years, the focus has been on the Magnificent 7, particularly Nvidia’s monster earnings reports, which have dominated the market. While Nvidia’s results are still extremely important for overall sentiment, there is a hope that sales growth and revenues can pick up across a broad range of global markets and sectors.

Read more