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On September 6th, local time, on September 5th, Venezuelan President Nicolas Maduro issued a statement calling on US President Donald Trump to abandon his plans for violence in Venezuela and warning that recent US military actions in the Caribbean pose a direct threat to regional stability. In his statement, Maduro condemned the US government for using the fight against drug trafficking as a pretext to promote regime change in Venezuela. He said the US is attempting to "use the drug problem to fabricate a completely false pretext to invade the entire country." Maduro emphasized that Venezuela, a country without coca cultivation or cocaine production, continues to combat drug trafficking networks. He reiterated that Venezuela respects the United States and hopes to receive respect in return.On September 6, according to Indian Asian News International (ANI) and other media reports, US President Trump said at the White House on September 5 local time on US-India relations, "I am always a friend of Modi" and "there is no need to worry" about the relationship between the two countries. Earlier, some US media broke the news that Trump might cancel his visit to India in the fall due to the cooling of relations with Indian Prime Minister Modi. ANI said that when asked by the media reporter whether he was ready to restart relations with India, Trump said, "I always want to do so. I am always a friend of Modi. He is an outstanding prime minister. I just dont like what he is doing at the moment, but I will always remain friends. But India and the United States have a very special relationship. There is no need to worry. We just have some small episodes occasionally."On September 6, Yueda Kias sales in August 2025 reached 20,974 vehicles, with monthly sales exceeding 20,000 vehicles for six consecutive months; the cumulative sales from January to August were 165,036 vehicles, a year-on-year increase of 7%; 20,000 vehicles were produced in August, and the cumulative production from January to August was 163,270 vehicles, a year-on-year increase of 9.5%; at the same time, 11,992 engines were exported in August, and the cumulative exports from January to August were 83,719 units. Production and sales continued to show a steady growth trend.On September 6th, Shenzhen Xiangfei Automobile Sales Co., Ltd., a restructuring investor in WM Motor, released a "White Paper to Suppliers" via WM Motors official Weibo account, announcing the companys five-year development plan for the new WM Motor. The company plans to launch more than 10 new products over the next five years to meet the diverse needs of the global market. Xiangfei stated that it is fully committed to quickly resuming mass production of the WM Motor EX5 and E5 models at its Wenzhou base, aiming for a minimum of 10,000 units by the end of 2025, with a goal of 20,000, generating "projected revenue of 1-2 billion yuan." According to the white paper, Xiangfei plans to initially invest 1 billion yuan in equipment upgrades, supply chain recovery, and product development.On September 6, Xiaopeng Motors: Xiaopeng Charging added 39 self-operated stations in the 35th week of 2025, including 1 S5 super-fast charging station, 34 S4 super-fast charging stations, 2 super-charging stations, and 2 destination stations.

As oil prices fall and investors become risk-averse before the BOC meeting, USD/CAD rises to 1.3200

Daniel Rogers

Sep 07, 2022 16:50

截屏2022-09-07 上午11.31.45.png 

 

The USD/CAD has risen for three consecutive trading days, and it is currently trading near 1.3190, which is the weekly high. To appease buyers near the highest levels in two months prior to the Bank of Canada (BOC) Monetary Policy Meeting, the Loonie pair has recently been applauding rising rates and a risk-aversion wave.

 

Declining prices of WTI crude oil, Canada's principal export, further strengthen the USD/CAD exchange rate as speculators anticipate the fifth BOC rate hike in 2022.

 

WTI crude oil prices have dropped to their lowest level since late January, down 1.70 percent to $85.40 as of press time on the back of recession worries and a stronger US dollar. Market perceptions of the latest production cut by OPEC and its partners, including Russia, known collectively as OPEC+, could add to the downward pressure on commodity prices.

 

In addition to the covid-related pessimism in China and the European energy crisis, improved US data strengthened the hawkish Fedbets and boosted the US dollar.

 

In the United States, the ISM Services PMI rose to 56.7 from 55.1 and above market expectations. In contrast to initial expectations of 45.0 and 44.1, the S&P Global Composite PMI and Services PMI both fell to 44.6 and 43.7, respectively. Still, following the news, the US Dollar Index (DXY) rose to a new 20-year high. There is now a 72.0% possibility of a 50 bps rate hike by the Fed in September, according to the CME's FedWatch Tool, up from 57.0% the day before.

 

The three-day surge in rates for 10-year US Treasuries to 3.25 percent is the highest it has been since June 15. The S&P 500 futures have also dropped to a new seven-week low, falling 0.55 percent intraday to 3,890.

 

The stronger U.S. dollar, declining oil prices, and reduced risk appetite should keep USD/CAD bulls optimistic despite the BOC's expected base rate increase of 75 basis points to 3.25 percent. Consolidating recent gains may be possible for the Canadian currency, however, thanks to hawkish comments from the BOC Rate Statement and softer Fedspeak.


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