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Futures News on May 6: During the May Day holiday, due to the significant increase in production by OPEC+, the market was concerned about oversupply, which led to a weak decline in oil prices. In addition, the market is more concerned about the subsequent third quarter, because some countries that have reduced production have not complied with the production reduction regulations, which will prompt Saudi Arabia and other countries to continue to increase production, which will increase the decline in oil prices. Zhuochuang Information predicts that the next meeting will be in early June. Before that, it is necessary to pay attention to changes in inventory levels and maintain a weak market in the short term. After all, after the increase in production, the market lacks positive factors.Indonesia expects trade deal negotiations with the European Union to be completed in the first half of the year.Hong Kong-listed local consumer stocks continued to rise during the session, with Chow Tai Fook (01929.HK) up more than 6%, Chow Sang Sang (00116.HK) up 2.7%, Prada (01913.HK) up more than 2%, and Sa Sa International (00178.HK) up 1.6%.Shanjin International: The company is currently promoting the resumption of production at Huasheng Gold Mine. If the information disclosure standards are met, the company will make a timely announcement.On May 6, Tokyo Central Auction (01939.HK) announced that its 74.99% equity changed hands, and the stock price once rose 1.12 times to 3.18 yuan when it resumed trading this morning. The counterparty Ruihe Digital Intelligence (03680.HK) once rose by more than 50%. On the news front, Tokyo Central Auction announced that ESSA FINANCIAL GROUP LTD, Ruihe Digital Intelligence and two buyers purchased a total of approximately 74.99% of the companys equity from the chairman of the board and controlling shareholder Ando Xianggui for approximately 165 million yuan. Among them, the offeror ESSA, as usual, made a mandatory unconditional cash offer at an offer price of 0.44 yuan per share, a substantial discount of 70.67% from the 1.5 yuan offer before the suspension. The value of the share offer is approximately HK$55.01 million. The only director of the offeror ESSA is Huang Shikun, who acquired approximately 65.99% of Tokyo Central Auctions equity, Ruihe Digital Intelligence acquired 3%, and Li Jiefeng and Zheng Haoran also acquired 3% each. Huang Shikun is the chairman of Shenzhen Jin Yafu Holding Group, which is mainly engaged in the gold and jewelry industry chain.

USD/CAD encounters resistance near 1.3580 as focus shifts to FOMC minutes

Daniel Rogers

Jan 03, 2023 15:20

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After failing to surpass the immediate resistance level of 1.3580, the USD/CAD pair is exhibiting some volatility in the Tokyo morning session. The Canadian dollar is attracting bids due to a boost in investor risk appetite and a rise in oil prices.

 

As investors believe that the US Dollar Index will continue to underperform, risk-sensitive currencies are gaining traction. After giving up the crucial support level of 103.50, the USD Index saw a significant fall on Friday. In the interim, S&P500 futures have began trading on a positive note, signaling a reduction in risk.

 

This week, the Federal Open Market Committee (FOMC) report will be the focal point of attention. The minutes of the Federal Open Market Committee will explain why the Federal Reserve raised interest rates by 50 basis points (bps) in December's monetary policy meeting (Fed).

 

As they preview this week's US events, TD Securities analysts believe that the FOMC's December policy meeting minutes will shed fresh light on the Fed's policy outlook for 2023. According to analysts at TD Securities, by the time of the FOMC meeting in May, the terminal rate will be between 5.25 and 5.50 percent.

 

Investors will eagerly scrutinize the Canadian employment data that will be released on Friday. Analysts at TD Securities expect an 8,000 gain in employment in December as the labor market begins to deteriorate. The unemployment rate may decline to 5.2%, and the annual wage range may rise to 5.5%. A rise in pay growth may keep inflation at elevated levels.

 

In the interim, the price of oil has risen to over $80.50 per barrel as investors anticipate a drop in Covid-19 cases in China, which will restore economic development. Notably, Canada is the United States' leading oil exporter, and higher oil prices strengthen the Canadian Dollar.


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