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According to the European-Mediterranean Seismological Centre, a 5.4-magnitude earthquake struck the Pakistan region.Irans Meh News Agency, citing local officials, reported that the US attack did not cause any damage to the port of Sirik.On June 27th, the toroidal field magnet, the largest superconducting component of the "Comprehensive Research Facility for Key Systems of Fusion Reactor Main Unit," a major national science and technology infrastructure project, completed its final fabrication process and passed expert review. Simultaneously, the high-temperature superconducting central solenoid coil magnet also completed full-condition parameter testing, with its core performance reaching internationally leading levels. The toroidal field magnet is currently the largest fusion reactor superconducting magnet in the world. Measuring 21 meters long, 12 meters wide, and 3.3 meters high, with a total weight of 582 tons, it is currently the worlds largest fusion reactor superconducting magnet. The toroidal field magnet is one of the most important components of the "Comprehensive Research Facility for Key Systems of Fusion Reactor Main Unit." During the operation of the nuclear fusion device, the superconducting magnet generates a strong magnetic field to confine plasma at temperatures exceeding 100 million degrees Celsius. The toroidal field magnet is responsible for constructing the toroidal magnetic field to confine the plasma, reducing the impact loss of high-energy particles on the vacuum chamber walls. Currently, all key links in the entire magnet chain are domestically produced and controllable, with various performance indicators leading similar international products.On June 27th, Yu Weining, Chief Statistician of the Industrial Statistics Department of the National Bureau of Statistics, interpreted the industrial enterprise profit data for January-May 2026. Yu stated that profits in the raw materials manufacturing sector grew rapidly. From January to May, profits of enterprises above designated size in the raw materials manufacturing sector increased by 83.1% year-on-year, contributing 10.2 percentage points to the overall profit growth of industrial enterprises above designated size. By industry, driven by increased demand from emerging industries such as new energy and artificial intelligence, prices of products such as copper and aluminum remained at high levels, pushing profits in the non-ferrous metals industry to increase by 117.1%, contributing 5.3 percentage points to the overall profit growth of industrial enterprises above designated size. Driven by rising prices of products related to the petroleum industry chain, the petroleum processing industry turned a profit year-on-year, and the chemical industry saw a profit increase of 71.6%.On June 27th, Yu Weining, Chief Statistician of the Industrial Statistics Department of the National Bureau of Statistics, interpreted the industrial enterprise profit data for January-May 2026. Yu stated that the profits of high-tech manufacturing maintained double-digit growth. From January to May, the profits of large-scale high-tech manufacturing enterprises increased by 44.7% year-on-year, contributing 8.0 percentage points to the overall profit growth of large-scale industrial enterprises, demonstrating its continued leading role. By industry, the semiconductor industry chain performed well. In electronic device manufacturing, the profits of optoelectronic device manufacturing and semiconductor discrete device manufacturing increased by 53.8% and 40.6% respectively; in electronic component and electronic special material manufacturing, the profits of electronic special material manufacturing and electronic circuit manufacturing increased by 665.4% and 19.7% respectively. The medical equipment and related industries saw rapid profit growth, with the profits of dental equipment and instruments manufacturing and hygiene materials and medical supplies manufacturing increasing by 26.4% and 23.2% respectively.

As oil prices fall and investors become risk-averse before the BOC meeting, USD/CAD rises to 1.3200

Daniel Rogers

Sep 07, 2022 16:50

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The USD/CAD has risen for three consecutive trading days, and it is currently trading near 1.3190, which is the weekly high. To appease buyers near the highest levels in two months prior to the Bank of Canada (BOC) Monetary Policy Meeting, the Loonie pair has recently been applauding rising rates and a risk-aversion wave.

 

Declining prices of WTI crude oil, Canada's principal export, further strengthen the USD/CAD exchange rate as speculators anticipate the fifth BOC rate hike in 2022.

 

WTI crude oil prices have dropped to their lowest level since late January, down 1.70 percent to $85.40 as of press time on the back of recession worries and a stronger US dollar. Market perceptions of the latest production cut by OPEC and its partners, including Russia, known collectively as OPEC+, could add to the downward pressure on commodity prices.

 

In addition to the covid-related pessimism in China and the European energy crisis, improved US data strengthened the hawkish Fedbets and boosted the US dollar.

 

In the United States, the ISM Services PMI rose to 56.7 from 55.1 and above market expectations. In contrast to initial expectations of 45.0 and 44.1, the S&P Global Composite PMI and Services PMI both fell to 44.6 and 43.7, respectively. Still, following the news, the US Dollar Index (DXY) rose to a new 20-year high. There is now a 72.0% possibility of a 50 bps rate hike by the Fed in September, according to the CME's FedWatch Tool, up from 57.0% the day before.

 

The three-day surge in rates for 10-year US Treasuries to 3.25 percent is the highest it has been since June 15. The S&P 500 futures have also dropped to a new seven-week low, falling 0.55 percent intraday to 3,890.

 

The stronger U.S. dollar, declining oil prices, and reduced risk appetite should keep USD/CAD bulls optimistic despite the BOC's expected base rate increase of 75 basis points to 3.25 percent. Consolidating recent gains may be possible for the Canadian currency, however, thanks to hawkish comments from the BOC Rate Statement and softer Fedspeak.


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