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February 24th - According to data from the National Energy Administration, statistical analysis of 53,300 highway charging piles included in the national charging facility monitoring and service platform shows that from the 28th day of the twelfth lunar month (February 15th) to the 7th day of the first lunar month (February 23rd), electric vehicles were charged a total of 6.021 million times on highways, with a total charging volume of 149.7675 million kilowatt-hours. The average daily charging volume was 16.6408 million kilowatt-hours, an increase of 52.01% compared to the average daily volume during last years Spring Festival, setting a new historical record.On February 24th, according to Tianyancha, a business information platform, Xiaomi Technology Co., Ltd. recently applied to register multiple trademarks for "Xiaomi Smart Storage," covering international classifications such as scientific instruments, communication services, and website services. All trademarks are currently awaiting substantive examination. Xiaomi Technology Co., Ltd. was established in March 2010, with Lei Jun as its legal representative and a registered capital of 1.85 billion RMB. Its business scope includes technology import and export, sales of communication equipment, sales of daily necessities, general merchandise, retail of household appliances, and furniture sales. It is jointly owned by Lei Jun, Li Wanqiang, and others.U.S. Defense Secretary Hergsays: Iran should reach a deal. Iran has a chance to reach a deal. This is the outcome Trump wants. If Iran decides not to reach a deal, we will prepare options for Trump.February 24th - European car sales declined in January, ending a six-month winning streak. This was attributed to weakened consumer purchasing power in several markets, while demand for electric vehicles remained strong. The European Automobile Manufacturers Association (EADA) said on Tuesday that new car registrations fell 3.5% last month to 961,382 units. France and Germany, the regions largest market, saw the largest declines, while sales rose in the UK and Italy. German car buyers remain hesitant due to high car prices, rising unemployment, and core industrial companies downsizing. While new electric vehicle incentives may provide some support, the overall weak trend is likely to continue this year. Germany accounted for 22% of the European passenger car market last year.European Commission President Ursula von der Leyen: Peace must be based on Ukraines conditions.

As Oil Bulls Relax And US Inflation Is Monitored, USD/CAD Recovers Around 1.3350

Daniel Rogers

Feb 13, 2023 14:42

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The USD/CAD rebounds from a five-week low. After a solid employment report and an increase in oil prices, Loonie bears joined the market. Before the release of the US CPI, aggressive Fed comments and good US data test sellers.

 

After falling the most in five weeks the previous day, the USD/CAD is fluctuating around the middle of the 1.3300s in the early Asian session on Monday. Ahead of US Consumer Price Index (CPI) data, the Loonie/U.S. dollar pair exhibits market consolidation amid mixed US signals.

 

After a strong Canadian employment report and a rise in WTI crude oil prices, the Loonie pair dropped the most since the beginning of January.

 

WTI crude oil reached a new monthly high of $80.48 the day before, despite market rumors that Russia may reduce oil production by 500,000 barrels in March to counter European penalties.

 

The Net Change in Employment for January in Canada increased to 150K from 15K expected and 69.2K revised. The unemployment rate was 5.0%, not 5.1%.

 

As evidenced by BoC Governor Tiff Macklem's dovish comments, the stronger Canadian employment report makes it tougher for the Bank of Canada to pause its rate hike trajectory, benefiting USD/CAD bears.

 

Nevertheless, preliminary US University of Michigan (UoM) Consumer Sentiment for February increased to 66.4 from 65.0 anticipated and 64.9 previously. This month, the UoM announced that inflation forecasts for the coming year jumped to 4.2% from 3.9% in January and 4.4% in December. UoM said that long-term inflation estimates (5-year) stayed at 2.9% for the third consecutive month and remained within a narrow band of 2.9% to 3.1% for 18 of the last 19 months. Friday, the US Bureau of Labor Statistics adjusted the December Consumer Price Index (CPI) from -0.1% to 0.1% based on revised seasonal adjustment variables.

 

Recent contradicting statements from Richmond Federal Reserve (Fed) President Thomas Barkin and the US-China dispute over "unidentified objects" appear to challenge sentiment and boost the USD due to its safe-haven status.

 

S&P 500 Futures decrease as interest rates on US Treasury bonds increase, benefiting the US Dollar and USD/CAD buyers ahead of critical US inflation data.

 

Due to reports of a Fed policy shift, USD/CAD traders should monitor risk catalysts before to the January US Consumer Price Index (CPI) release on Tuesday.


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