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June 22 - According to foreign media reports, sources revealed that the ruling coalition led by German Chancellor Merz is preparing to support a proposal for a comprehensive reform of Germanys pension system, including the introduction of a market-based savings mechanism, tightening early retirement rules, and gradually raising the retirement age. These recommendations, drafted by a government-appointed committee, will be submitted on Tuesday. The plan proposes a gradual introduction of supplementary pension contributions equivalent to 2% of total wages, which would be managed through a public fund vehicle and invested in the capital markets. The committee also recommends gradually raising the retirement age in line with increases in life expectancy. Furthermore, the proposal would abolish a popular early retirement pathway that allows workers who have contributed for 45 years to retire early. Pension reform is one of the most divisive issues in the coalition government, which has been in power for 13 months, and continues to test the long-standing policy differences between Merzs conservative wing and Klinkes Social Democratic Party.According to Reuters, Iranian sources say that negotiations between Iran and the United States in Switzerland have been suspended, but have not ended.According to Iranian state media, a spokesperson for the Iranian Foreign Ministry said that Sundays talks focused on ending the war, lifting sanctions, and releasing frozen Iranian funds.According to an Axios reporter, a diplomat involved in the talks said that the Iranian delegation did not leave and negotiations between the United States and Iran are still ongoing.On June 22, a member of the Iranian team involved in negotiations with the United States told Iranian state media on Sunday that a draft resolution regarding waivers for Iranian oil sanctions had been finalized. The person added that the waivers would be announced soon.

As market confidence improves, the USD/CAD pair stabilizes near 1,3000, bringing attention to Canada's inflation

Alina Haynes

Jul 18, 2022 11:58

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The USD/CAD pair fluctuates within a constrained range of 1.3006-1.3023 during the Asian session. Despite a rise in market participants' risk appetite, the asset is doing poorly. Investors should be concerned that the USD/CAD pair has experienced only a little dip while the US dollar index (DXY) is falling sharply. This implies that the Canadian dollar is weaker as well and that the asset's auction performance was underwhelming.

 

The strengthening of the Canadian dollar may be related to higher inflation rate projections. The market forecast for the upcoming economic report on Wednesday is 8.8%, which is much higher than the forecast for the most recent release of 7.7%. The pace of inflation in the Canadian economy is surging uncontrollably. It mostly has an impact on household income.

 

In the meantime, as market mood has improved, the US dollar index (DXY) has dropped under Friday's low of 107.92. Investors believe that the United States has experienced its peak in pricing pressure. But according to James Bullard, president of the Federal Reserve Bank of St. Louis, inflation might come as a pleasant surprise.

 

Due to growing economic worries, oil prices are plummeting precipitously on the energy market. The goal of major central banks is to bring about price stability in their respective economies. As a result, policy tightening is necessary to address the inflation problem. Given that the forecasts for oil demand have been significantly revised downward, this has a negative effect on market mood. Being the biggest oil supplier to the US, Canada has suffered as a result of falling oil prices, which has hurt the loonie bulls.


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