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As of 8:30 AM Beijing time, spot platinum fell 0.89%, and spot palladium fell 1.06%.As the United States launches its third round of strikes against Iran, international oil prices have rebounded slightly. A chart provides a quick overview of the pre-market conversion prices of crude oil between domestic and international markets.Spot gold and silver hit new lows for the period. A chart provides a quick overview of the pre-market prices of gold and silver, converted between domestic and international markets.The Bank of Japan reported that the yen-denominated import price index rose 25.5% year-on-year in May, marking the fastest growth since November 2022.According to foreign media reports, Malaysian crude palm oil futures on the Bursa Malaysia Derivatives Exchange (BMD) are likely to open higher on Wednesday morning, following gains in the external vegetable oil market. International crude oil futures fell to a seven-week low on Tuesday after Iran and Israel announced a cessation of mutual attacks, brokered by US President Trump. However, oil prices recovered some ground after Iran shot down a US Apache helicopter patrolling the Strait of Hormuz overnight, prompting a threat of retaliation from Trump. Brent crude futures rebounded on Wednesday, and Chicago soybean oil futures also rose, which should help boost the early performance of Malaysian crude palm oil futures. Rising crude oil prices boost the potential demand for biodiesel. Malaysia launched its B15 biodiesel project on June 1st, and Indonesia will also implement its B50 biodiesel project from July 1st. This will help increase domestic palm oil demand. However, weak Malaysian palm oil export demand and a stronger ringgit will limit the overall market rebound.

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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