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On August 27th, Federal Reserve official Hammark reiterated that now is the time for officials to take action to curb inflation. She stated that current interest rates are not having a strong enough cooling effect on the economy to allow price pressures to subside on their own. She said, "I think the appropriate approach now is to maintain a certain level of restraint to help inflation fall back to our target level. The longer inflation remains above our target, the harder it will be to bring it down." Hammark was one of three dissenting officials at last months policy meeting, favoring a 25-basis-point rate hike. She said, "In my view, the real problem with inflation deviating from our target for an extended period is that the public may be starting to develop an inflationary mentality." She added that she hasnt seen this yet, but conversations with some people have made her concerned. Hammark also stated that the performance of capital markets indicates that current interest rates are not putting sufficient pressure on credit or economic growth. She said, "Weve seen trillions of dollars in IPOs and record-breaking debt issuances. From my perspective, this doesnt look like the economy is being restrained."According to the New York Times, the Trump administration will expand the number of flights to Haiti.On August 27, according to Irans Tasnim News Agency, following months of attacks by the United States, Iranian Parliament Deputy Speaker Ali Nikozadeh inspected the oil infrastructure on Kharg Island, located off the southern coast of Iran. At its peak, the island handled 90% of Irans oil exports, processing approximately 1.5 million barrels of oil per day, or about 950 million barrels per year.According to documents from the Hong Kong Stock Exchange, Dizhe (Jiangsu) Pharmaceutical Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange.On August 27, Iranian Parliament Speaker Mohammed bin Salman Ghalibaf met with visiting Qatari Prime Minister and Foreign Minister Mohammed bin Salman in Tehran. The two exchanged views on the current regional situation and how to ease tensions and create favorable conditions for resuming dialogue. Mohammed bin Salman emphasized the need to restart diplomatic channels, stating that dialogue is the best way to resolve differences and prevent further escalation of regional tensions.

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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