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The chart shows that at 22:00 Beijing time on May 8th, there will be large foreign exchange option orders for Euro, Swiss Franc, British Pound, Japanese Yen, etc., expiring, including 7 large orders with strike prices exceeding 1 billion. Please manage your risks.On May 8th, 17 national industry associations and chambers of commerce, including the China Federation of Logistics and Purchasing, the China General Chamber of Commerce, the China National Textile and Apparel Council, the China National Light Industry Council, and the China Federation of Internet Societies, jointly released the "Domestic Trade Transaction Guidelines (Trial)" in Beijing under the guidance of the Ministry of Commerce and other relevant departments. This guideline provides clear, explicit, and operable behavioral norms for enterprises engaged in domestic trade, including wholesale, retail, logistics, and accommodation and catering, contributing to the construction of a unified national market. According to reports, the "Domestic Trade Transaction Guidelines (Trial)" focuses on the entire domestic trade process, clarifying and stipulating regulations for each stage, including contract signing, goods delivery and acceptance, payment terms, dispute resolution, and standardized business practices.The German DAX index fell by 1.00% on the day.On May 8, the Russian Ministry of Defense reported that between midnight and 7:00 AM Moscow time, Russian air defense systems intercepted and destroyed 264 Ukrainian drones in multiple locations including the Moscow, Belgorod, and Bryansk regions. According to a post on social media by Moscow Mayor Sergei Sobyanin, as of 8:22 AM Moscow time, more than 25 drones bound for Moscow had been shot down that day. Ukraine has not yet responded to these reports.S&P 500 E-Mini futures rose 0.33%, Nasdaq 100 futures rose 0.52%, and Dow Jones futures rose 0.15%.

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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