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May 22nd, Futures News: Economies.com analysts latest view: Spot gold fell in the latest intraday trading, with a corrective bearish trend dominating in the short term. Furthermore, with prices trading below the 50-day EMA, negative pressure continues to strengthen, increasing downside risk. On the other hand, spot gold prices remain firmly above the key support level of $4500, showing strong positive momentum limiting the decline, especially after the overbought condition was digested. The Relative Strength Index (RSI) is showing a positive signal, providing more room for spot gold to show stronger positive performance in the short term.May 22nd, Futures News: Economies.com analysts latest view: WTI crude oil futures exhibited strong volatility in the latest intraday trading, with prices rising at one point in an attempt to recover some of the previous losses and restore some technical balance. This cautious rebound was mainly due to a slight easing of the clearly oversold condition shown by the Relative Strength Index (RSI), providing temporary support for the current price movement. Despite the limited improvement, negative pressure continues to dominate oil price movements. Previously, prices had broken below the upward channel that had been dominating its short-term trading. Furthermore, WTI crude oil futures remain below the 50-day EMA, continuing to face negative and dynamic pressure, which also increases the possibility of further declines in the short term.On May 22, UBS issued a research report stating that CSPC Pharmaceutical Group (01093.HK) is a pioneer in AI-driven drug discovery and development (AIDD) among leading pharmaceutical companies, and is the worlds largest AIDD platform licensor by total transaction value. The bank believes that CSPCs leading position in cutting-edge technologies such as AI has not yet been fully reflected in its valuation. With a series of licensing (BD) transactions finalized, the downside risks of its traditional business have been largely priced in, and the companys organic revenue (excluding licensing revenue) is expected to recover to 3.8% year-on-year growth in 2026 (compared to a 16.5% year-on-year decline last year). UBS upgraded CSPCs rating from Neutral to Buy, maintaining its target price of HK$10.9. UBS pointed out that CSPC has currently reached four licensing or collaboration agreements related to the AIDD platform, with a total transaction value of US$27.7 billion, making it the worlds largest AIDD platform licensor. The collaboration with AstraZeneca (AZN.O) is the most significant, validating the value of its AIDD platform. The bank expects the company to have several catalysts in the future, including the first quarter 2026 results to be announced on May 27, and the disclosure of clinical trial data for key R&D assets such as SYS6010 and KN026.May 22nd, Futures News: Economies.com analysts latest view: Brent crude oil futures fell in recent intraday trading, encountering resistance near the EMA50 moving average, causing prices to pull back and ending previous upward attempts. This move also confirmed a break below the short-term uptrend line, further strengthening the recent bearish technical structure. On the other hand, some positive signals have emerged as the Relative Strength Index (RSI) entered deep oversold territory, which should help prices stabilize and attempt to absorb some selling pressure.On May 22, it was reported that the Republican leadership in the U.S. House of Representatives decided on May 21 to postpone a vote on a bill that would limit President Trumps power to use force against Iran, sparking protests from Democrats.

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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