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21Vianets stock price surged by over 30% at the start of trading, but the gains have since narrowed to 23%.On May 13, data from the Hong Kong Railway Corporation (MTR) showed that passenger traffic on the Hong Kong section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link has been steadily increasing since 2026. As of April, the average daily passenger volume exceeded 90,000, higher than the average of 80,000 per day in 2025, and the daily passenger volume has twice broken the record since the line opened. Hong Kongs Secretary for Transport and Logistics, Chan Mei-po, stated at a Legislative Council meeting on the 13th that the Hong Kong SAR Government is actively discussing with the MTR Corporation and relevant mainland authorities the operation and supporting arrangements for shops and facilities located in the waiting hall of the West Kowloon Station within the mainland port area under the "co-location arrangement" framework. At the same time, the government is continuously improving the service level of the high-speed rail to meet passenger travel needs and the long-term development needs of the high-speed rail.Market news: U.S. Energy Secretary Wright told lawmakers that Iran could reach weapons-grade enrichment levels "within weeks." He noted that while weaponization steps would still be required, the country is approaching a critical threshold.1. U.S. EIA gasoline inventories declined for the 13th consecutive week last week. 2. U.S. domestic crude oil production reached its highest level since the week ending February 13, 2026 last week. 3. U.S. domestic crude oil production saw its largest increase since the week ending February 6, 2026 last week. 4. U.S. EIA strategic petroleum reserves reached their lowest level since the week ending October 11, 2024 last week. 5. U.S. EIA strategic petroleum reserves saw their largest decrease since the week ending August 20, 1982 last week, marking the 7th consecutive week of decline.Market news: U.S. Energy Secretary Wright told lawmakers that Iran is "terribly close" to producing weapons-grade uranium.

USD/CAD declines to 1.3500 on firmer Oil prices, BoC concerns over US inflation, and Fed Minutes

Daniel Rogers

Apr 10, 2023 14:35

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The USD/CAD maintains losses close to 1.3500, shattering a four-day winning trend, as traders brace for key Easter Monday data/events on major bourses. However, the recent decline in the Loonie-U.S. dollar exchange rate may be due to the increase in the price of WTI petroleum oil, Canada's primary export. In contrast to the recent increase in ardent Fed forecasts, the Bank of Canada's (BoC) dovish bias poses a challenge to pair sellers.

 

After increasing for three consecutive weeks, WTI crude oil prices gain 0.61 percent intraday near $80.00. Recent increases in the price of black gold may be due to geopolitical concerns surrounding China and Taiwan. In addition to the supply cut by OPEC+ and the faltering US dollar, the energy benchmark is sustained by the supply cut by OPEC+ and the weakening US dollar.

 

However, the US Dollar Index (DXY) has fallen for three consecutive weeks and is under pressure near 102,000.

 

Fears of higher Fed rates versus inaction from the Bank of Canada (BoC) grew after the upbeat US Jobs report versus the lack of significant positives in the March Canadian jobs report.

 

As a result, the CME's FedWatch Tool indicates a 69% chance of a 0.25 basis point rate hike in May, up from 55% prior to the US employment report.

 

Canada's headline Net Change in Employment increased to 34.7K in March from 21.8K in February, compared to the market consensus of 12K, while the Unemployment Rate came in at 5% versus the analysts' estimate of 5.0%. During the specified month, the Participation Rate decreased to 65.6% from the expected and previous rate of 65.7%. In addition, the average hourly wage fell 5.2% year-over-year in March, down from 5.5% in February.

 

In contrast, the US Bureau of Labor Statistics (BLS) reported that Nonfarm Payrolls (NFP) increased by 236K in March, the lowest increase since January 2021 (considering revisions), compared to the expected 240K and the previous 330,000. Additionally, the unemployment rate fell from 3.6% to 3.5%, while the labor force participation rate rose from 62.6% to 62.6%. The annual wage inflation rate decreased from 4.6% to 4.2%, below market expectations of 4.3%.

 

Futures on US equities ended higher, but yields remain under pressure ahead of the crucial BoC monetary policy meeting, US inflation, and Fed Minutes. Given the dovish concerns from the Bank of Canada (BoC) and the likely hawkish comments in the FOMC Minutes, the USD/CAD may see additional gains, barring any unexpected developments.


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