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May 15th - According to sources, Turkey has proposed building a $1.2 billion (€1 billion) military fuel pipeline to help meet the energy needs of NATO allies on its Eastern European flank. The sources indicated that the pipeline from Turkey to Romania could cost only one-fifth of other proposed options, including routes through Greece or Romanias western neighbors, but these are more vulnerable to sabotage due to their reliance on maritime transport. Turkeys proposal comes as it prepares to host the NATO summit in July. Sources suggest that Turkey hopes to garner support from its allies for the proposal, which could be decided before or during the Ankara summit.U.S. Energy Secretary Wright: Every barrel of oil the U.S. releases from its strategic petroleum reserve will be replenished.On May 15th, it was reported that India will cooperate with the United Arab Emirates to expand its strategic oil and gas reserves, a significant step taken by the worlds third-largest oil consumer to address the risk of future supply disruptions. According to a statement from the Abu Dhabi National Oil Company (ADNOC), the company will consider significantly increasing its crude oil storage capacity in India, aiming to reach 30 million barrels. The two countries will also cooperate on establishing a strategic natural gas reserve in India and explore the construction of crude oil storage facilities at the port of Fujairah, located outside the Strait of Hormuz. This preliminary agreement was announced during Indian Prime Minister Modis brief stopover in Abu Dhabi en route to Europe.On May 15th, Wang Yi briefed the media on the meeting and consensus reached between the Chinese and US heads of state. During the meeting, the two leaders agreed to define a "constructive strategic and stable relationship between China and the US" as the new positioning of bilateral relations, providing strategic guidance for China-US relations over the next three years and beyond. China believes this should be a positive and stable relationship based primarily on cooperation, continuously enhancing the resilience of China-US relations through exchanges and cooperation. As the worlds two largest economies, cooperation between China and the US benefits both sides, while confrontation harms both. Even if there is competition between China and the US, it should be benign competition based on mutual learning, positive competition where both sides strive to catch up, and fair competition that adheres to the rules. The purpose of competition is to help both sides become better versions of themselves. Both sides should maintain policy continuity and stability, especially upholding their commitments, and always moving towards each other, providing more certainty for their respective development and the international situation through positive expectations of China-US cooperation. In short, a "constructive strategic and stable relationship between China and the US" is not just a slogan, but a goal that both sides uphold and actions that they take together.Market news: Türkiye is reportedly planning to raise $1.2 billion to build fuel pipelines for its Eastern European NATO allies.

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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