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China Association of Automobile Manufacturers (CAAM): Automobile sales fell 8.8% year-on-year in January and February.China Association of Automobile Manufacturers (CAAM): Automobile sales in February fell 15.2% year-on-year.US February Unadjusted CPI YoY (Previous: +2.4%; Reuters Forecast: +2.4%) 1. Goldman Sachs: +2.3%; ABN AMRO: +2.4%; ANZ: +2.4%; BNP Paribas: +2.4%; 2. Bank of America: +2.4%; CIB: +2.4%; Capital Economics: +2.4%; Barclays: +2.4%; 3. AlliedSignal: +2.4%; DekaBank: +2.4%; Sumitomo Mitsui: +2.4%; Deutsche Bank: +2.4%; 4. Scotiabank: +2.4%; Standard Chartered: +2.4%; TD Securities: +2.4%; UBS: +2.4%; 5. UniCredit: +2.4%; Vanguard: +2.4%; Wells Fargo: +2.4%; Berenberg: +2.5%; 6. Citigroup: +2.5%; HSBC: +2.5%; JPMorgan Chase: +2.5%; Danske Bank: +2.5%; Nomura Securities: +2.5%; RBC Capital Markets: +2.5%; Morgan Stanley: +2.5%; ING: +2.6%. US February Seasonally Adjusted CPI Month-on-Month (Previous: +0.2%; Reuters Forecast: +0.3%) 1. ABN AMRO: +0.2%; ANZ: +0.2%; BNP Paribas: +0.2%; Capital Economics: +0.2%; 2. AlliedSignal: +0.2%; Goldman Sachs: +0.2%; Oxford Economics: +0.2%; Sumitomo Mitsui: +0.2%; 3. Scotiabank: +0.2%; Societe Generale: +0.2%; Standard Chartered: +0.3%; Jefferies: +0.2%; 4. Wells Fargo: +0.2%; Westpac: +0.2%; Bank of America: +0.3%; Barclays: +0.3%; 5. CIBC: +0.3%; Citigroup: +0.3%; Commerzbank: +0.3%; Danske Bank: +0.3%; 6. HSBC: +0.3%; ING: +0.3%; JPMorgan Chase: +0.3%; Deutsche Group: +0.3%; 7. Mizuho Bank: +0.3%; Moodys Analytics: +0.3%; Nomura Securities: +0.3%; Morgan Stanley: +0.3%; 8. TD Securities: +0.3%; UBS Group: +0.3%; UniCredit: +0.3%; Lloyds Banking Group: +0.3%.The main contract for the container shipping index (European route) rose more than 11.00% intraday, currently trading at 2064.9 points.The Qatari Ministry of Defense announced that it had successfully repelled a missile attack targeting Qatar.

USD/CHF Consolidates Around 0.9040 As Attention Shifts To US Inflation

Daniel Rogers

Apr 10, 2023 14:27

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The USD/CHF pair continues to trade lacklusterly above the crucial support level of 0.9036 in the early Tokyo session. Investors are shifting their focus to Wednesday's release of United States Consumer Price Index (CPI) data, making it difficult for the Swiss Franc to gain traction.

 

As tensions between China and Taiwan escalate, S&P500 futures have pared some of their gains. The market's anxiety has been alleviated by the increasing intensity of Chinese military exercises around Taiwan Island. In addition, concerns of a recession are likely to cause volatility in US equities.

 

Jamie Dimon, CEO of JPMorgan Chase, stated in an interview with CNN that the recent banking turmoil caused by the dissolution of Silicon Valley Bank (SVB) and Signature Bank has increased the likelihood of a recession in the United States.  Despite the robustness and security of the banking system, the recent turmoil in the financial system is "another weight on the scale" toward recession, he added.

 

The US Dollar Index (DXY) is protecting the 102.00 support level ahead of US Consumer Price Index (CPI) data. According to the consensus, headline inflation will fall from 6.0% to 5.2%. In addition, the headline monthly CPI would decelerate to 0.3% from 0.4% previously reported. As a consequence of oil prices remaining low in March, inflationary pressures are anticipated to become evident.

 

In contrast, the core CPI, which excludes crude and food prices, is anticipated to increase to 5.6% from 5.5%. The tenacity of inflationary pressures is maintained by the resiliency of demand for essential products, as a result of a higher labor cost index. A similar event could compel the Federal Reserve (Fed) to raise rates again at its May monetary policy meeting.

 

Regarding the Swiss Franc, Swiss markets are suspended on Easter Monday. This week, the Producer Price Index (PPI) data will have an impact on the Swiss Franc.

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