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June 18 – Hong Kong Exchanges and Clearing Limited (HKEX) announced today the renewal of its Memorandum of Understanding (MOU) with the China Financial Futures Exchange (CFFEX) to deepen exchanges and cooperation between the two exchanges and jointly promote the healthy development of the financial markets in Hong Kong and Shanghai. According to the MOU, the two sides will deepen cooperation in areas such as exploring the possibility of product and business collaboration, strengthening the sharing of research findings and experience, and exchanging personnel and training programs.Eurozone construction output rose 0.6% month-on-month in April, down from 0.80% in the previous month.On June 18, the Cyberspace Administration of China, the Ministry of Industry and Information Technology, and the Ministry of Public Security jointly released the "Measures for Network Data Security Risk Assessment," which will take effect on August 20, 2026. The Measures clarify the relevant requirements, basis, and forms of risk assessment. They stipulate that important data processors should conduct risk assessments annually. If a significant change in the security status of important data may adversely affect data security, a risk assessment should be conducted promptly on the changed parts and their impact. Network data processors handling general data are encouraged to conduct risk assessments at least every three years. The Measures clarify that risk assessments should be conducted in accordance with legal and regulatory requirements and with reference to relevant national standards. The Measures also stipulate that network data processors may conduct risk assessments themselves or entrust third-party assessment agencies to do so.The pound fell to a 10-week low against the dollar, trading at 1.3252.The UK FTSE 100 index fell by 1.00% on the day.

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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