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The European Commission has launched the "Gaza Team Initiative," raising €883.6 million in financial contributions.July 13th - Mitsubishi UFJ analyst Lee Hardman stated in a report that the dollar could weaken if Tuesdays data shows core inflation pressures in the US remained moderate in June. He noted that the market will be closely watching the second-round impact of rising energy prices on core inflation. He stated that core inflation has only risen slightly since the outbreak of the US-Iran conflict. "If core inflation data remains moderate again, while energy inflation eases, market participants are likely to lower their expectations for further Fed rate hikes, thereby curbing dollar strength in the coming week."Bahrains Ministry of Defense: Air defense systems successfully intercepted multiple Iranian air attacks this morning.According to Reuters calculations, Russias seaborne refined petroleum product exports fell 27% month-on-month in June.On July 13th, Barclays analysts pointed out in a report that UK government bond yields face the risk of further increases due to political uncertainty. Following Keir Starmers resignation in June, the UK awaits a new prime minister, a process fraught with political risk. If no other Labour Party candidate challenges him, Andy Burnham is widely expected to succeed Starmer on July 20th. Analysts stated that the UKs poor public finances could pose a challenge to the new prime minister. Global bond yields have generally risen due to escalating tensions in the Middle East, with UK government bond yields rising more than their Eurozone counterparts.

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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