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On September 13, the Islamic Republic News Agency (IRNA) reported, citing local Iranian officials, that an Iranian container ship was attacked by an unidentified projectile in the waters near the Strait of Hormuz, resulting in one death and four injuries.On September 13th, market observers stated that Anthropic executives call to slow down technological development could drag down chipmaker and supply chain stocks in the short term, but the long-term impact is likely to be limited as spending on computing infrastructure remains strong. Semiconductor manufacturers and other AI-related stocks are likely to be hit hardest in Mondays initial sell-off as investors assess whether a more cautious approach to developing advanced models will dampen earnings. However, given that demand for chips, energy, and computing power continues to outpace supply, any weakness is likely to be temporary. Investors, including Gary Tan, portfolio manager at Singapore-based Allspring Global Investments, are skeptical about a lasting impact on the industry. "This could create some short-term pressure, but its unlikely to derail the long-term AI deal. AI development is still in its relatively early stages, and Im not sure if the rest of the ecosystem is willing to accept the current hierarchy and slow down while the technology is still evolving so rapidly," he said.On September 13th, Ukrainian President Volodymyr Zelenskyy posted on social media that Russia had launched approximately 2,100 drones (many of which were Shahed drones) at Ukraine this week alone. In addition, Russia used nearly 1,700 glide bombs and 78 rockets of various types in an attempt to paralyze the Ukrainian economy and disrupt peoples lives. This night and this morning, energy, Ukrainian railways, businesses, and ordinary residences were attacked. The Russian military attacked Odessa with rockets and drones. Recovery work is still underway in many western regions following the nights attacks.On September 13, Russian State Atomic Energy Corporation (Rosatoburo) CEO Likhachev stated that Ukrainian forces deliberately attacked a convoy of oil tankers carrying diesel fuel for the Zaporizhia nuclear power plant at 2:28 PM on September 11. The attack resulted in the deaths of two Russian soldiers and injuries to several others. Likhachev said that Ukraines deliberate provocation regarding the nuclear power plant has unpredictable consequences. Ukraine has not yet responded.The U.S. National Hurricane Center reports that Norbert has strengthened slightly and is expected to dissipate east of Hawaii by mid-next week.

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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