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According to RT: A massive explosion occurred in Kyiv, Ukraine, causing widespread power outages.The mayor of Kyiv, Ukraine, said a nine-story apartment building in Kyiv caught fire after a Russian attack.1. US crude oil futures closed up 5.85% at $92.47 per barrel; Brent crude oil futures rose 4.62% to $95.33 per barrel. The sudden shift in Middle East geopolitical tensions, with Iran suspending negotiations with the US and planning a complete blockade of the Strait of Hormuz (which handles about 20% of global oil transport), fueled concerns about supply disruptions. Meanwhile, US commercial crude oil inventories fell by 3.327 million barrels last week, keeping global crude oil inventories at low levels, further driving up oil prices. 2. International precious metals futures generally closed lower. COMEX gold futures fell 1.70% to $4514.80 per ounce, and COMEX silver futures fell 0.96% to $75.15 per ounce. The fluctuating Middle East situation pushed up inflation and interest rate hike expectations, while policy disagreements in the US created market uncertainty. Interest rate hikes increased the cost of holding gold, and in the battle between bulls and bears, bearish forces dominated the market. 3. Most London base metals rose, with LME tin up 2.50% to $56,805.0/ton, LME aluminum up 1.80% to $3,732.5/ton, LME copper up 1.79% to $13,879.5/ton, LME zinc up 1.19% to $3,582.0/ton, LME nickel up 0.86% to $19,225.0/ton, and LME lead down 0.20% to $2,012.0/ton. 4. The three major U.S. stock indexes closed slightly higher, with the Dow Jones Industrial Average up 0.09% to 51,078.88 points, the S&P 500 up 0.26% to 7,599.96 points, and the Nasdaq Composite up 0.42% to 27,086.81 points. All three major U.S. stock indexes continued to reach new closing highs. Salesforce rose more than 9%, and IBM rose more than 7%, leading the Dow Jones gains. 5. European stock markets closed lower across the board. The German DAX index fell 0.40% to 25,003.04 points; the French CAC40 index fell 0.45% to 8,146.59 points; and the UK FTSE 100 index fell 0.68% to 10,338.95 points. 6. US Treasury yields were mixed. The 2-year Treasury yield rose 3.09 basis points to 4.031%, the 3-year Treasury yield rose 3.14 basis points to 4.082%, the 5-year Treasury yield rose 2.62 basis points to 4.163%, the 10-year Treasury yield rose 1.77 basis points to 4.453%, and the 30-year Treasury yield fell 0.20 basis points to 4.970%.Eyewitness: Ukrainian air defense systems are defending against air attacks over Kyiv.June 2nd - According to the official Weibo account of Qwen Big Model, Alibaba officially released the Qwen3.7-Plus multimodal intelligent agent model on June 2nd. The model, based on the text capabilities of Qwen3.7, has comprehensively upgraded its visual-language capabilities while maintaining full intelligent agent capabilities in coding, tool usage, and productivity workflows.

Despite a reduction in oil prices, USD/CAD falls to 1.3550; US PCE inflation is forecast

Daniel Rogers

Oct 28, 2022 15:25

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During Friday's Asian session, the USD/CAD accepts bids to retest the intraday low near 1.3550, reversing the previous day's recovery from the monthly low.

 

Thus, the Loonie pair disregards the recent decline in Canada's key export item, WTI crude oil, as the US Dollar Index (DXY) consolidates its gains from the previous day in response to the recent decline in hawkish Fed wagers.

 

Despite this, the DXY dips to 110.50, following Thursday's recovery from the five-week low, as Fed hawks receive contradictory information regarding the overall strength of US data. In the third quarter, the Gross Domestic Product (GDP) of the United States climbed 2.6% on an annualized basis, exceeding estimates (Q3). Nevertheless, a fifth consecutive decline in private consumption presented a challenge to Fed hawks, as it demonstrated that policymakers are gradually approaching the target of slowing down private domestic demand. This may favor easy rate hike discussions for December at the Federal Open Market Committee (FOMC) meeting the following week.

 

Notable obstacles to the US dollar are the sluggish US Treasury yields and the mood of risk aversion. US 10-year Treasury rates reached a two-week low on Thursday and are heading for their first weekly loss in eleven weeks, which encouraged equities to enjoy a decent week despite the most recent decline in the statistics.

 

At home, the Bank of Canada's (BOC) 0.50 percent rate hike, as opposed to the 0.75 percent expected, joins the optimism of officials to keep USD/CAD bears upbeat.

 

The US Core PCE Price Index for September, which is expected to increase to 5.2% from 4.9% previously, will be crucial for the future direction of the USD/CAD pair. A better reading of the Fed's preferred inflation indicator might increase interest rates and hawkish Fed bets, which will benefit pair buyers.

 

In conjunction with the pair's prolonged trading below the 21-DMA barrier near 1.3700, bearish MACD signals encourage sellers. To imply more losses, however, a daily close below the support zone of 1.3505-3495 is required.


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