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South Korean AI chip startup FuriosaAI announced a strategic partnership with Broadcom (AVGO.O) to jointly develop its third-generation AI accelerator.On May 28, Reuters, citing US military officials, reported that the US military "carried out new strikes against an Iranian military facility and intercepted and shot down several drones." The facility and the drones were alleged to "pose a threat to US forces and commercial shipping in the Strait of Hormuz."According to foreign media reports on May 28, commodity funds were net sellers of CBOT corn and wheat futures contracts and net buyers of CBOT soybean meal and soybean oil futures contracts on Wednesday. Among them, corn futures contracts were net sold by 11,000 lots.1. The three major U.S. stock indexes closed slightly higher. The Dow Jones Industrial Average rose 0.36% to 50,644.28 points, the S&P 500 rose 0.02% to 7,520.36 points, and the Nasdaq Composite rose 0.07% to 26,674.73 points. Procter & Gamble rose more than 3%, and Boeing rose more than 2%, leading the Dow Jones. The Wind U.S. Tech Big Seven Index rose 0.47%, Facebook rose more than 3%, and Amazon rose more than 2%. 2. The three major European stock indexes closed mixed. The German DAX fell 0.03% to 25,177.80 points; the French CAC40 rose 0.43% to 8,207.89 points; and the UK FTSE 100 rose 0.13% to 10,505.01 points. 3. US Treasury yields were mixed. The 2-year Treasury yield rose 0.32 basis points to 4.033%, the 3-year Treasury yield rose 0.30 basis points to 4.084%, the 5-year Treasury yield rose 0.73 basis points to 4.177%, the 10-year Treasury yield fell 0.19 basis points to 4.483%, and the 30-year Treasury yield fell 0.82 basis points to 5.012%. 4. The WTI crude oil futures contract closed down 4.77% at $89.41 per barrel; the Brent crude oil futures contract fell 3.92% to $92.88 per barrel. 5. International precious metals futures generally closed lower. COMEX gold futures fell 1.05% to $4454.90 per ounce, and COMEX silver futures fell 2.25% to $74.89 per ounce. 6. London base metals fell across the board. LME tin fell 0.36% to $54,550.0/ton, LME nickel fell 0.44% to $18,890.0/ton, LME lead fell 0.67% to $2,001.0/ton, LME zinc fell 0.72% to $3,507.5/ton, LME copper fell 0.79% to $13,516.0/ton, and LME aluminum fell 1.23% to $3,627.5/ton.US President Trump: Soon, the United States and Armenia will jointly launch the Trump Road to International Peace and Prosperity, which will transform the South Caucasus and help our excellent American energy companies gain direct access to the United States from Central Asia.

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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