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June 30th - The National Bureau of Statistics stated that the high-tech manufacturing sector continued its positive trend in June. The PMI for high-tech manufacturing was 53.5%, up 0.6 percentage points from the previous month, significantly higher than the overall manufacturing sector, indicating continued positive development in high-end manufacturing and a further strengthening of its leading role. The PMIs for equipment manufacturing and consumer goods were 52.5% and 50.2% respectively, up 0.4 and 0.5 percentage points from the previous month, indicating improved industry activity. The PMI for high-energy-consuming industries was 47.1%, unchanged from the previous month.According to the National Bureau of Statistics, the composite PMI output index was 50.6% in June, up 0.1 percentage points from the previous month, indicating that the overall expansion of production and business activities of Chinese enterprises has accelerated slightly.June 30th - According to data from the National Bureau of Statistics, the non-manufacturing business activity index was 50.2% in June, up 0.1 percentage points from the previous month, indicating a slight recovery in the non-manufacturing sectors business activity. By sector, the construction industrys business activity index was 49.0%, up 0.2 percentage points from the previous month; the service industrys business activity index was 50.4%, up 0.1 percentage points from the previous month. Within the service sector, the business activity indices for telecommunications, broadcasting, television and satellite transmission services, internet software and information technology services, monetary and financial services, and insurance were all above 55.0%, indicating a relatively high level of activity; while the business activity indices for air transport and real estate were below the critical point.Chinas composite PMI was 50.6 in June, compared with 50.5 in the previous month.June 30th - According to data from the National Bureau of Statistics, the Manufacturing Purchasing Managers Index (PMI) was 50.3% in June, up 0.3 percentage points from the previous month, returning to expansion territory. By enterprise size, the PMI for large enterprises was 50.7%, down 0.4 percentage points from the previous month, but still above the critical point; the PMI for medium-sized enterprises was 50.5%, up 1.9 percentage points from the previous month, also above the critical point; and the PMI for small enterprises was 48.2%, down 0.3 percentage points from the previous month, below the critical point. Looking at the sub-indices, among the five sub-indices that constitute the Manufacturing PMI, the Production Index and New Orders Index were above the critical point, while the Raw Materials Inventory Index, Employment Index, and Supplier Delivery Time Index were all below the critical point.

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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