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May 18th - The sharp rise in US Treasury yields this month may have neared its peak. JPMorgan analysts stated, "We no longer believe the risks are tilted towards higher yields." They added, "The policy outcome priced into the money market is more hawkish than our baseline scenario, and valuations have already corrected." According to CME data, the market largely expects the Federal Reserve to keep interest rates unchanged, but the likelihood of a rate hike is also increasing. Long-term bonds appear undervalued. JPMorgan stated, "We believe this bearish repricing provides an opportunity to increase duration."According to Hong Kong Stock Exchange documents, Guangdong Jinsheng New Energy Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange.On May 18th, the 2026 International Hydrogen Energy Development Forum was held in Hong Kong, aiming to promote global cooperation and innovation in the hydrogen energy field. The forum focused on five main topics: establishing a hydrogen energy safety regulatory framework, establishing a global certification system for green and low-carbon hydrogen energy, unlocking the application potential of liquid hydrogen, building high-quality infrastructure for hydrogen energy development, and promoting scientific education on hydrogen energy utilization. It provided a platform for hydrogen energy industry experts and practitioners to exchange the latest technological advancements, engineering solutions, and future development trends. Acting Secretary for the Environment and Ecology of the Hong Kong SAR Government, Ms. Wong Suk-han, stated that this hydrogen energy exchange activity will build a platform for sharing industry experience and discussing technological innovations. Hong Kong strives to halve its total carbon emissions from 2005 levels by 2035 and move towards achieving carbon neutrality by 2050.The Ukrainian Foreign Ministry condemned Belarus for conducting nuclear weapons exercises. Ukraine called on its allies to increase sanctions against Moscow and Minsk.The Iraqi Foreign Ministry stated that Iraq is investigating the launch of a drone from its territory towards Saudi Arabia. Iraq has requested that Saudi authorities share information related to the attack. Our air defense systems did not detect the drone launch previously.

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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