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The main contract of the Container Shipping Index (European Line) rose by 6.00% during the day and is now at 2395.4 points.Futures News on May 19, crude oil trend fluctuated and had a slight decline, gasoline and diesel shipments were poor, and fuel oil news was not positive enough. From the supply and demand perspective, refinery maintenance and resource phased expansion coexist, fuel oil supply tightened less than expected, market sales pressure remained, and downstream purchases of high-priced resources were cautious. Although fuel oil processing profits have slightly adjusted, they are still at a relatively low level, and downstream purchases are dominated by rigid demand. Overall, fuel oil news and supply and demand have limited support, and it is expected that fuel oil negotiations this week will remain stable with narrow adjustments.Futures News on May 19, crude oil fluctuated in a narrow range, gasoline and diesel production and sales were weak, fuel oil trading was weak, downstream purchasing enthusiasm was not high, risk aversion sentiment heated up, and people were cautious about purchasing high-priced resources. Refinery shipments were tepid, and it is expected that todays market will remain stable with small fluctuations.Japanese Ministry of Agriculture, Forestry and Fisheries official: After the outbreak of avian influenza, Japan has suspended the import of poultry meat from Montenegro and Rio Grande do Sul in Brazil.Nvidia (NVDA.O) fell nearly 2% in overnight trading in the U.S., Walmart (WMT.N) and Google (GOOG.O) fell 1%, and Tesla (TSLA.O) fell more than 2%.

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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