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February 10th - According to the Financial Times, President Trump intends to exempt companies like Amazon, Google, and Microsoft from impending tariffs on chips as they race to build data centers that power the artificial intelligence boom. Sources familiar with the matter revealed that the U.S. Commerce Department plans to grant tariff exemptions to U.S. hyperscale data center operators, linked to investment commitments from TSMC. This exemption plan underscores President Trumps determination to impose tariffs on chips and incentivize domestic chip manufacturing, while also providing some assistance to companies heavily reliant on imported semiconductors and driving the rapid development of U.S. artificial intelligence. A government official familiar with the plans cautiously stated that these plans are still under review and have not yet been signed by the president.According to The Information: Amazon (AMZN.O) is discussing the artificial intelligence content market with publishers.White House officials: US President Trump has made it clear that he does not support Israels annexation of the West Bank.New Energy Vehicles: 1. Teslas North American sales head resigns amid global demand slump. 2. Shanghai NIO recalls some ES8, ES6, and EC6 pure electric vehicles. 3. Jike responds to recall of nearly 40,000 001 cars: will replace the power batteries of the affected vehicles free of charge, no cash payment involved. 4. Tesla: Cybercab self-driving electric car will be mass-produced and put into operation at the Texas Gigafactory. Artificial Intelligence: 1. EU warns Meta to open WhatsApp to competitor AI chatbots. 2. Anthropic has discussed securing at least 10 gigawatts of power generation capacity over the next few years. 3. Anthropic CEO will meet with Republican senators on the Senate Banking Committee on Tuesday. 4. OpenAI: Launches ChatGPT ad testing in the US for some free and Go plan subscribers. 5. OpenAI founder Altman: ChatGPT monthly growth exceeds 10%, new chat model to be launched this week. 6. US sources say Total Energy will provide 1 gigawatt of solar power capacity for Googles Texas data center for 15 years. Other news: 1. Horizon Robotics and CATL subsidiary TIME Intelligent have reached a strategic cooperation agreement. 2. STMicroelectronics and Amazon AWS announced an expanded strategic cooperation. 3. Elon Musk: SpaceX will build a system that allows anyone to go to the Moon and Mars. 4. Alphabets dollar bond issuance is reportedly expected to reach $20 billion, with subscriptions exceeding $100 billion. 5. The Inter-Ministerial Joint Conference Office for Collaborative Supervision of New Transportation Business Models held talks with Gaode Taxi. 6. Reports indicate that Nvidia will launch a new graphics card this year positioned above the GeForce RTX 5090. On February 10th, Trump stated that he would begin negotiations with Canada regarding a bridge project connecting Michigan and Ontario, threatening to block its opening unless the United States receives full compensation and owns "half of the asset." Trump stated on social media on Monday: "I will not allow this bridge to open until the United States is fully compensated for everything we have given, and more importantly, until Canada treats the United States with the fairness and respect we deserve. We will begin negotiations immediately. Given how much we have given them, we should perhaps own at least half of this asset." Trumps remarks are the latest attack on Canada, as the US president escalates tensions with his major trading partner. The president has also attacked Canada over dairy import tariffs, calling them "unacceptable" and putting "our farmers at enormous financial risk."

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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