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Conflict Situation: 1. Iraqi groups deny launching drone attacks against Saudi Arabia. 2. Israel conducts bombing and dismantling operations in southern Lebanon. 3. The Israeli Defense Minister confirms continued US military aircraft involvement in strikes against Iraq. 4. Israeli Defense Minister: Iranians are attempting to target Netanyahu. 5. According to Iranian media Fars News: A fire broke out at a US military base in Harir, Erbil province, Iraq. 6. Saudi Ministry of Defense: Air defense forces intercepted and destroyed several drones launched from Iraq targeting oil facilities in the eastern region. 7. According to Iranian media Fars News: Several loud explosions were heard in Erbil, Iraq, and a fire broke out at a US military base in Harir, Erbil province. 8. Houthi rebels in Yemen: A Saudi vessel was attacked with a ballistic missile. The armed forces will continue to maintain a maritime blockade against Saudi adversaries, implementing a strategy of "responding to a blockade with a blockade" and a comprehensive escalation of confrontation. US-Iran Negotiations: 1. Israeli media: Mediators believe the US and Iran are close to restarting the memorandum of understanding. 2. US President Trump: Now is a good time to reach an agreement with Iran; I hope to avoid attacking Iranian bridges and power plants. Iran needs a formal declaration that it does not possess nuclear weapons. 3. Iranian Deputy Foreign Minister: Information is still being exchanged with the US, but Iran has not requested negotiations with the US in the past few days. No requests for negotiations have been received from the US in the past ten days either. The Americans conveyed a message to us through Oman that they will not take military action against us. Strait of Hormuz 1. Iran: Ships that accept frozen Iranian assets as compensation will be prohibited from passing through the Strait of Hormuz. 2. Oman proposed a Strait of Hormuz management plan to Iran: joint regional management, with voluntary funding from users. 3. Omans proposed Strait of Hormuz management plan has received support from Gulf states. Iran has not yet responded. 4. Trump: Iran does not control the Strait of Hormuz; we control the Strait of Hormuz. Only ships that we want to pass through can pass through the strait. 5. Iranian Deputy Foreign Minister: Tehran will consider taking "any action" to maintain control of the strait, including restarting the war. A maritime blockade cannot force Iran to engage in dialogue. 6. Iranian Deputy Foreign Minister: France and the UK have been informed that any deployment of their warships in the Strait of Hormuz for mine clearance purposes would make those warships legitimate targets for attack. 7. US Official: Irans demands in the Sea of Hormuz are excessive, and Oman, the US, and the international community have a legitimate reason to reject them. The agreement under discussion is a coordination agreement; there are no tolls or fees. 8. US Central Command: As of July 28, US Central Command had redirected 18 commercial vessels, destroyed 2, and boarded and inspected 2 to ensure full compliance with the blockade measures. 9. Iranian Deputy Foreign Minister: Tehran proposed to Oman that Iran manage one-way shipping on one side of the Strait, while Oman manages a portion of the route on the other side. If Oman does not accept this proposal, the Strait will remain closed, and the southern shipping lane will not be recognized. Other Developments: 1. The next round of talks between Israel and Lebanon will begin on August 4. 2. Iranian media Mizan: The Iranian Islamic Revolutionary Guard Corps called on Saudi Arabia to end its blockade of Yemen. 3. US media: US officials say economic sanctions are far more damaging to Iran than bombing, but a protracted conflict could drag down the Republican Partys election prospects. 4. Iranian government spokesperson: Due to the war with the US, Iran has lost approximately 230 million cubic meters of natural gas production capacity. 5. According to Israeli media: Washington sources say US President Trump did not ask Israel to withdraw troops from any area during the meeting. 6. Israeli official: Netanyahu did not mention the Gobi Desert during his meeting with Trump. Reports of Israel submitting related intelligence are "fake news." 7. Israeli media: Israeli and UAE officials recently held several secret meetings in an unnamed third country to discuss coordinating their positions on Iran and taking joint action in the international arena. 8. According to Israels Channel 12: A senior Israeli official said Netanyahu has confirmed to Trump that "further strikes are inevitable" against those Iranian nuclear facilities that have been repaired. 9. Senior Israeli official: The meeting (with the US) was very successful and the atmosphere was very positive. Both sides discussed all areas of concern, with Iran as a focus, and reaffirmed their shared commitment to preventing Iran from acquiring nuclear weapons. 10. Market research and intelligence firm IIR reports: Saudi Aramco shut down its 400,000 barrels per day refinery in Jazan after the attack on July 25. Saudi Aramco expects to complete repairs and restart the refinery by August 15.Visa (VN) CFO: World Cup-related spending also drove the growth in U.S. payments.Visa (VN) CFO: Excluding the post-pandemic recovery, U.S. payment transaction volume is growing at its fastest pace since fiscal year 2019.Visa (VN) CFO: Higher tax refunds, fuel costs, and the timing of promotional shopping events have driven the growth in U.S. payments.U.S. officials: The agreement under discussion is a coordination agreement; there are no tolls or fees.

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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