EUR/USD 1.14234

USD/JPY 161.405

GBP/USD 1.31669

GBP/JPY 212.525

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Futures News, June 19th - According to foreign media reports, three-month copper on the London Metal Exchange (LME) edged lower on Friday as expectations that US interest rates will remain high for an extended period pressured the market, despite some support from progress on the Middle East peace agreement. LME three-month copper fell 0.54%. The likelihood of US interest rates remaining high for an extended period increased this week, with nearly half of Federal Reserve policymakers now believing a rate hike is necessary this year. Rate hikes would dampen the demand outlook for growth-dependent industrial metals. "The US interest rate outlook has a broad impact on global commodity markets, and rising rates increase costs for importers," wrote Daniel Hynes, senior commodities strategist at ANZ Bank, in a report. Initial progress on the peace agreement between Iran and the US, and the resumption of Middle East shipping, have lowered energy prices, but the sustainability of the ceasefire remains uncertain. On Friday, US Vice President Vance canceled his trip to Switzerland for peace talks with Iran. Aluminum prices stabilized after falling earlier this week, as the Middle East conflict disrupted aluminum supplies from the Gulf region, which accounts for about 9% of global aluminum smelting capacity.Sources say autonomous driving company Momenta plans to raise about $1 billion in its initial public offering in Hong Kong.Market news: Netflix (NFLX.O) is open to reaching more cooperation agreements with traditional television companies.June 19 - The Swiss Foreign Ministry announced that the planned US-Iran talks scheduled for Friday will not proceed as planned.On June 19, Minister of Commerce Wang Wentao met with Canadian Minister of Industry Jolly, Prime Ministers Secretary to Parliament Blois, and representatives from the business community in Beijing on June 18. The two sides exchanged in-depth views on China-Canada economic and trade relations, the development of Canadian-invested enterprises in China, and key economic and trade concerns. Wang Wentao stated that both sides should fully leverage the China-Canada Joint Economic and Trade Commission mechanism as the main channel for economic and trade cooperation, consolidate the momentum of cooperation in traditional industries, vigorously expand cooperation in emerging and future industries, and strengthen the bonds of common interests. China has always valued the opinions of foreign investors and is willing to work with Canada to extend the list of cooperation and shorten the list of issues through candid dialogue and pragmatic cooperation, thereby promoting the healthy, stable, and sustainable development of China-Canada economic and trade relations.

Buyers in the USD/CAD currency pair are keeping an eye on the 1.3580s as a key support level

Alina Haynes

Mar 03, 2023 13:59

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The price of USD/CAD is steady as the week comes to an end in Asia; it is currently trading at around 1.3580, down from the day's highs of 1.3601.

As Unemployment Claims showed a strong US job market on Thursday, the US dollar gained. The yield on two-year Treasury notes, which is influenced by forecasts for interest rates, consequently rose to values last seen in July 2007. Futures moved marginally higher, with the market setting a maximum fed funds rate of 5.493% in September before it dipped to 5.447% later in the trading session.

The Federal Reserve is the center of attention, and Raphael Bostic, president of the Atlanta Fed, stated on Thursday that the central bank is prepared to keep raising rates if inflation does not moderate and that it is still considering how recent, higher-than-expected inflation data may affect Fed policy. The Fed should continue with "constant" quarter-point rate rises, even though the effects of higher rates on the economy might not "bite" in earnest until this spring.

The internal economy of Canada, meanwhile, experienced growth that was flat SAAR compared to the 1.6% anticipated and a revised 2.3% (was2.9%) in Q3, which was the lowest since Q2 2021. The yearly growth rate slowed to 2.3% from 2.8% in November as a result of the 0.1% month-over-month decline in GDP in December, compared to the 0.1% anticipated. The next meeting is scheduled for March 8, but according to WIRP, a final 25-bp rise to 4.75% is still factored in for Q3. The BoC has signaled a pause in its increasing cycle, and as a result, the Canadian currency is likely to keep finding it difficult to advance against the USD.

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