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The Russian Ministry of Defense stated that Ukraine used four ATACMS tactical ballistic missiles in its attack on Voronezh, but all of them were shot down.According to Russian media reports, the Russian Ministry of Defense stated that Ukraine attempted to use ATACMS missiles to attack targets deep within Russian territory on Tuesday, with Voronezh being one of the targets.The yield on 40-year Japanese government bonds rose 2.0 basis points to 3.685%.On November 19th, Judo Bank economist Matthew De Pasquale stated that the Reserve Bank of Australias rate-cutting cycle has ended at the 3.6% interest rate level. While the market is still pricing in a slight probability of further rate cuts next year, this reflects more on balance sheet dynamics and tail risk hedging considerations than a genuine market expectation of a rate reduction. Recent data continues to show an economic recovery, meaning that unless a major economic shock occurs, the next step for interest rates is likely to be an increase.On November 19th, futures market news reported that wheat prices continued their upward trend, with cautious buying and selling. Grain traders held onto their stocks in anticipation of further price increases, showing a strong reluctance to sell and significantly reducing the supply of wheat in circulation, leading to a tighter market. While flour mills were operating at low capacity and wheat consumption was limited, some were actively raising prices to encourage purchases as inventories began to deplete. The current tight supply and expanding demand for feed have created a price floor, and wheat prices are expected to remain high and volatile in the short term. However, continued weak demand for flour processing and other milling operations will limit further price increases.

USD/CAD sees bids near 1.3500 on a risk aversion theme, as oil looks to retake $80.00

Alina Haynes

Dec 28, 2022 11:24

USD:CAD.png 

 

After slipping to about 1.3500 in the early Asian session, the USD/CAD pair has gained purchasing activity. The Canadian currency has risen as the risk-aversion theme takes pace over the tumultuous holiday week. After exhibiting a significant decrease on Tuesday, the major currency has shown signs of recovery as rising oil prices have boosted the Canadian Dollar.

 

Due to the absence of trustworthy triggers for decisive currency market changes, the risk profile is highly uncertain. In addition, the market sentiment was unaffected by China's decision to loosen restrictions on outbound tourists. On Tuesday, the S&P 500 remained under pressure as tech-savvy corporations under significant heat. The US Dollar Index (DXY) has gone flat near 103.80 after failing to surpass the crucial 104.00 resistance level.

 

In the meantime, the US Treasury bonds are affected by the risk aversion theme triggered by illiquid markets due to the holiday week. The yields on 10-year US Treasuries have increased to roughly 3.85%.

 

The Canadian Dollar hogged the focus on rising oil prices. West Texas Intermediate (WTI) futures have dipped little but have continued their upside trajectory and are forecast to recapture the critical resistance of $80.00 led by rising supply worries and China’s progress towards reopening of the economy despite a surge in Covid cases.

 

After Russian President Vladimir Putin signed an order restricting the sale of Russian oil to countries that implemented the oil price ceiling, supply concerns intensified.

 

Thomas M. Mertens, a researcher from the Economic Research Department of the Federal Reserve (Fed) Bank of San Francisco, created a recession predictor based on macroeconomic time series, especially the unemployed unemployment rate. He claimed that no forecasts today predict an approaching recession in the following two quarters. Moreover, the unemployment rate does not yet signal an imminent recession.


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