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February 24 - The Peoples Bank of China (PBOC) kept the one-year and five-year loan prime rates (LPR) unchanged at 3% and 3.5% respectively, marking the ninth consecutive month of no change.Chinas one-year loan prime rate as of February 24 was 3%, as expected and unchanged from the previous value of 3.00%.Chinas five-year loan prime rate (LPR) as of February 24 was 3.5%, compared to an expected 3.50% and the previous value of 3.50%.Chinas one-year loan prime rate (LPR) up to February 24 will be announced in ten minutes.1. All three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 1.66% to 48,804.06 points, the S&P 500 fell 1.04% to 6,837.75 points, and the Nasdaq Composite fell 1.13% to 22,627.27 points. IBM fell more than 13%, and American Express fell more than 7%, leading the decline in the Dow. IBM suffered its biggest drop since 2000 due to the threat of AI to its core business. The Wind U.S. Tech Giants Index fell 0.99%, with Microsoft falling more than 3% and Tesla falling nearly 3%. The Nasdaq China Golden Dragon Index fell 0.95%, with Kingsoft Cloud falling nearly 9% and BOSS Zhipin falling more than 6%. 2. All three major European stock indices closed lower. The German DAX index fell 1.06% to 24,991.97 points, the French CAC40 index fell 0.22% to 8,497.17 points, and the UK FTSE 100 index fell 0.02% to 10,684.74 points. The EUs freeze on the ratification process of the trade agreement with the US was the main trigger. 3. 4. International precious metal futures generally closed higher. COMEX gold futures rose 3.29% to $5,247.90 per ounce, and COMEX silver futures rose 6.87% to $88.00 per ounce. 5. The main US crude oil contract closed down 0.29% at $66.29 per barrel; the main Brent crude oil contract fell 0.29% to $71.09 per barrel.

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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