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May 19th - According to the Wall Street Journal, White House officials revealed that President Trump will preside over the swearing-in ceremony for incoming Federal Reserve Chairman Kevin Warsh at the White House on Friday. This ceremony underscores the importance Trump places on this appointment. Trump nominated Jerome Powell to head the Federal Reserve during his first term in 2018, and Powells swearing-in ceremony was held at the Federal Reserve, which Trump did not attend. The last Federal Reserve chairman to be sworn in at the White House was Alan Greenspan, who took office in 1987. Subsequent ceremonies have all been held at the Federal Reserve. The last president to attend such a ceremony was George W. Bush, who attended Ben Bernankes swearing-in ceremony in 2006. Later that year, Warsh was sworn in as a Federal Reserve Governor at the Eisenhower Executive Office Building, presided over by Vice President Dick Cheney. This Fridays swearing-in ceremony will conclude this unusually long transition at the top of the Federal Reserve hierarchy.On May 19, Iranian Supreme Leader Mojtaba Khameneis social media account reposted his first statement since taking office on May 18, reiterating his intention to consider opening new fronts in areas where the enemy is not adept. The statement said that research on opening other fronts has been completed, and that "the enemy has very little experience and is extremely vulnerable in these areas." The statement indicated that if the "state of war" continues, Iran will open these new fronts.The Dow Jones Industrial Average rose 159.95 points, or 0.32%, to close at 49,686.12 on Monday, May 18; the S&P 500 fell 5.45 points, or 0.07%, to close at 7,403.05 on Monday, May 18; and the Nasdaq Composite fell 134.41 points, or 0.51%, to close at 26,090.73 on Monday, May 18.White House Press Secretary Kelly: (Regarding Iran) Trump has all the options at any time.Federal Reserves Goolsby: If interest rates are cut too much, it will further trigger inflation.

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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