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September 21 - According to a report released by Indonesias Meteorology, Climatology and Geophysics Agency, a 5.3-magnitude earthquake struck 26 kilometers southwest of Puah Island in Central Sulawesi province, Indonesia, at 2:31 p.m. local time on September 21, with a focal depth of 10 kilometers. No tsunami risk is expected.On September 21, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A reporter from The New York Times asked whether China had agreed to extend the original November 10 deadline for suspending rare earth export controls, and if so, for how long. Guo Jiakun stated that specific questions should be directed to the relevant Chinese authorities.On September 21, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A reporter from The New York Times asked, "Last week, a US official stated at a briefing that despite promises made at previous summits, China has not yet fully restored rare earth supplies. What is Chinas position on this?" Guo Jiakun replied that specific questions should be directed to the relevant Chinese authorities. China has consistently been committed to maintaining the stability and security of the global supply chain for critical minerals. Both China and the US should work together to implement the important consensus reached by the two heads of state and maintain the stable development of China-US economic and trade relations.The Hang Seng Index continued its upward trend in the final minutes of trading, rising more than 1% and testing the 25,000-point mark. China Biopharmaceutical (01177.HK) and CSPC Pharmaceutical Group (01093.HK) led the gains among constituent stocks.On September 21, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A reporter asked, "China has just announced that President Xi Jinping will pay a state visit to the United States. Could the spokesperson please introduce the main arrangements for the visit and Chinas expectations for developing China-US relations?" Guo Jiakun stated that at the invitation of US President Trump, President Xi Jinping will soon pay a state visit to the United States. During the visit, President Xi Jinping will exchange in-depth views with President Trump on major issues concerning China-US relations and world peace and development. Guo Jiakun pointed out that head-of-state diplomacy plays an irreplaceable strategic guiding role in China-US relations. The mutual visits between the two heads of state within six months are of historic milestone significance. China is willing to work with the US to enrich the connotation of the "constructive strategic and stable China-US relationship," strengthen dialogue and cooperation, properly manage differences, continuously improve the well-being of the people of both countries, and promote world peace, stability, and prosperity.

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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