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The SC crude oil futures contract fell 4.00% intraday, currently trading at 508.40 yuan per barrel.June 16 – According to The Wall Street Journal, sources familiar with the matter said that under the agreement, the United States will allow Iran to immediately resume oil and fuel export sales, providing Tehran with an early economic incentive to promote de-escalation. The clause in the agreement regarding the exemption of sanctions on oil sales will take effect immediately after the agreement is signed this week. At the same time, essential services supporting oil sales, such as banking, transportation, and insurance, will also be exempted to ensure the smooth conduct of related transactions. The Anti-Nuclear Iran Coalition (UANI) stated that a supertanker carrying Iranian crude oil has left the port of Chabahar, crossed the US blockade, and sailed out of the Gulf of Oman on Tuesday with its ship positioning system activated. This is the first such occurrence since the US imposed a maritime blockade in April. A senior US official said on Tuesday that although Iran will receive an initial sanctions exemption for oil sales, long-term and sustained sanctions easing will depend on Irans compliance with US demands, including opening the Strait of Hormuz and issues related to its nuclear program. The official added that Iran will not immediately receive billions of dollars frozen overseas.Crude oil futures contract 2608 weakened significantly during the session, with the decline widening to 3.81%, and the price dropping to 509.5 yuan/barrel. The trading volume exceeded 11.4 billion yuan, and the open interest increased by more than 3,600 lots during the day, indicating increased market volatility.According to the Wall Street Journal, the terms of the sanctions waiver for Iranian oil sales will take effect immediately after the agreement is signed this week, and will cover essential services such as banking, transportation and insurance to facilitate sales.According to the Wall Street Journal: The US-Iran agreement allows Tehran to sell oil immediately.

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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