EUR/USD 1.15615
-0.001%
Gold 3393.66
0.251%
Oil 71.186
1.665%
USD/JPY 144.813
0.045%
GBP/USD 1.35563
-0.158%
GBP/JPY 196.319
-0.069%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Abu Dhabi National Oil Company (ADNOC): The UAE plans to increase its U.S. energy investment sixfold to $440 billion over the next decade.ADNOC, the Abu Dhabi National Oil Company of the United Arab Emirates: Meeting the energy needs of artificial intelligence is a once-in-a-lifetime investment opportunity for the industry. The United States is not only a priority, but also an inevitable choice for investment.On June 17, Thu Lan Nguyen, an analyst at Commerzbank, said in a report that the dollar may depreciate further as US policies are unlikely to change radically. Trumps tariff policy has the potential to undermine the growth advantage of the US economy, which is weakening the role of the US dollar as a safe-haven asset. In addition, the dollars status as the worlds reserve currency is also at risk. Another risk is that the Federal Reserve may lose its independence. Trump has repeatedly called for lower interest rates and criticized Federal Reserve Chairman Powell. In view of this, the euro is expected to rise to 1.20 against the US dollar from the current 1.1561 by September 2026. There is even a risk that investor confidence crosses a critical point and causes the dollar to depreciate more than expected.Israeli airline EL AL announced that it has received government permission to begin operating rescue flights for people stranded overseas.June 17th news: On June 17th local time, Irans Fars News Agency quoted local sources as saying that Iran has prepared plans to manage sensitive departments in the event of an assassination of its leader.

The USD/CAD exchange rate bounces above 1.3550 ahead of the US GDP/ Durable Goods report, while oil prices surge

Daniel Rogers

Oct 27, 2022 15:31

 截屏2022-10-27 上午10.09.24.png

 

After a sharp fluctuation between 1.3533 and 1.3650 during the Tokyo session's late hours, the USD/CAD pair has moved sideways. The asset exhibits a rangebound structure between 1.3545 and 1.3822 in Asia. Prior to the release of crucial US statistics, it is anticipated that the major would remain sluggish.

 

In the meantime, market sentiment is quite upbeat, and risk-perceived currencies are reveling. The US dollar index (DXY) had a dead cat bounce after reaching a new monthly low of 109.56. While yields on 10-year US Treasuries are remain precarious and hovering around the 4% cushion.

 

Wednesday, after the Bank of Canada announced its interest rate decision, the Canadian dollar traded between 1.3545 and 1.3582. (BOC). Governor Tiff Macklem of the Bank of Canada (BOC) announced a 50 basis point (bps) rate increase, increasing borrowing rates to 3.75 percent. A smaller-than-expected hike in interest rates has stunned market participants.

 

In reference to the peak of inflationary pressures, BOC's Macklem remarked that the central bank is still a long way from accomplishing its goal of ensuring inflation is low, stable, and predictable. Concerning the course of policy, the Bank of Canada stated that they are reaching the end of the tightening phase, but are not quite there.

 

CIBC analysts expected the rate to peak at 4.25 percent despite the "slight softening" in comparison to previous increases.

 

On the front of the US dollar, it is expected that the US GDP rose by 2.4% in the third quarter, compared to a 0.6% fall. In addition, US Durable Goods Orders are predicted to climb by 0.6% versus a 0.2% decline.

 

As a result of the depreciation of the DXY and the adoption of sanctions against Russia, the oil price increase has accelerated. Despite the Energy Information Administration's report of an increase in oil stockpiles, the price of crude oil has risen to more than $88, reaching a high of approximately $88.01. (EIA). The oil stocks climbed by 2.588 million barrels for the week ended October 21, compared to the expected increase of 1.02 million barrels.


Suggestion