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The SC crude oil futures contract surged 6.00% intraday, currently trading at 799.20 yuan per barrel.The yield on Japans 30-year government bonds rose 3.5 basis points to 3.540%.March 16th - According to data from the National Bureau of Statistics, the average urban surveyed unemployment rate nationwide was 5.3% in January and February, unchanged from the same period last year. In February, the national urban surveyed unemployment rate was 5.3%, up 0.1 percentage points from the previous month. The surveyed unemployment rate for local registered laborers was 5.4%; the surveyed unemployment rate for migrant workers was 5.0%, with the surveyed unemployment rate for migrant agricultural workers at 5.2%. The urban surveyed unemployment rate in 31 major cities was 5.1%. The average weekly working hours for employees in enterprises nationwide was 48.1 hours.March 16th - According to data from the National Bureau of Statistics, in January and February, funds available to real estate development enterprises totaled 1.3047 trillion yuan, a year-on-year decrease of 16.5%. Specifically, domestic loans amounted to 257 billion yuan, down 13.9%; self-raised funds totaled 493.9 billion yuan, down 5.9%; deposits and advance payments totaled 358.9 billion yuan, down 21.5%; and personal mortgage loans totaled 112.8 billion yuan, down 41.9%.According to the National Bureau of Statistics, in January and February, the sales area of newly built commercial housing was 92.93 million square meters, a year-on-year decrease of 13.5%, with the decline widening by 4.8 percentage points compared to the previous year; among which, the sales area of residential housing decreased by 15.9%. The sales value of newly built commercial housing was 818.6 billion yuan, a decrease of 20.2%, with the decline widening by 7.6 percentage points; among which, the sales value of residential housing decreased by 21.8%.

Buyers in the USD/CAD currency pair are keeping an eye on the 1.3580s as a key support level

Alina Haynes

Mar 03, 2023 13:59

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The price of USD/CAD is steady as the week comes to an end in Asia; it is currently trading at around 1.3580, down from the day's highs of 1.3601.

 

As Unemployment Claims showed a strong US job market on Thursday, the US dollar gained. The yield on two-year Treasury notes, which is influenced by forecasts for interest rates, consequently rose to values last seen in July 2007. Futures moved marginally higher, with the market setting a maximum fed funds rate of 5.493% in September before it dipped to 5.447% later in the trading session.

 

The Federal Reserve is the center of attention, and Raphael Bostic, president of the Atlanta Fed, stated on Thursday that the central bank is prepared to keep raising rates if inflation does not moderate and that it is still considering how recent, higher-than-expected inflation data may affect Fed policy. The Fed should continue with "constant" quarter-point rate rises, even though the effects of higher rates on the economy might not "bite" in earnest until this spring.

 

The internal economy of Canada, meanwhile, experienced growth that was flat SAAR compared to the 1.6% anticipated and a revised 2.3% (was2.9%) in Q3, which was the lowest since Q2 2021. The yearly growth rate slowed to 2.3% from 2.8% in November as a result of the 0.1% month-over-month decline in GDP in December, compared to the 0.1% anticipated. The next meeting is scheduled for March 8, but according to WIRP, a final 25-bp rise to 4.75% is still factored in for Q3. The BoC has signaled a pause in its increasing cycle, and as a result, the Canadian currency is likely to keep finding it difficult to advance against the USD.


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