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According to a Nikkei survey, Japanese Prime Minister Sanae Takaichis approval rating has dropped to 66%.On May 31, White House National Economic Council Director Hassett stated on Sunday that the way the media reports economic news often leads to an overemphasis on the most serious problems at a particular moment. "One thing Ive noticed in the White House is that whenever a consumer price index looks a little disappointing, we just talk about that one thing," Hassett said during an appearance on ABCs "This Week." He was referring to gasoline prices and their impact on inflation. Hassett stated that everyone should look at the big picture, not just energy prices or a particular area of the economy that is temporarily experiencing difficulties. "What you should do is take these fluctuations in stride and focus on changes in real wages," he said. "If you look closely, youll see that increased employment, a rising stock market, and strong corporate profits are translating into higher wages."Iranian President: In the face of major challenges, no society can expect to move forward without enduring difficulties.Iranian President: It is necessary to be honest with the people about the current situation so that they can play a role in addressing the challenges.On May 31st, STMicroelectronics, a major manufacturer of MCUs and power semiconductors, issued a "Price Adjustment Notice" to its customers on May 28th, announcing a price increase for some products effective June 28, 2026. This is STMicroelectronics second price increase this year, following its initial announcement on March 24th. The fact that STMicroelectronics has announced another price adjustment just two months later highlights the continued pressure on its cost side.

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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