EUR/USD 1.16877
-0.023%
Gold 4548.90
0.557%
Oil 101.556
-0.778%
USD/JPY 157.227
-0.017%
GBP/USD 1.35335
0.021%
GBP/JPY 212.788
0.019%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On May 5th, the China (Shaanxi)-US Economic and Trade Matchmaking Conference, jointly hosted by the Shaanxi Provincial Council for the Promotion of International Trade and the New Jersey Trade and Investment Promotion Association, was successfully held in New York on May 4th. The conference focused on the core themes of green health and mutual empowerment, highlighting areas such as plant extracts, the health industry, and green food. It included several practical sessions such as industry-specific presentations, product exchange and matchmaking, one-on-one business negotiations, and exhibitions showcasing company achievements. Lin Manli, New York Economic Commissioner of the US Small Business Administration, stated that the United States values its economic relations with other countries and hopes that this event will help both sides establish lasting partnerships.Iranian judiciary chief: The enemy is focused on exerting economic pressure, and we will resolutely deal with those who try to take advantage of the current situation.According to Interfax news agency, Kazakhstans Ministry of Energy stated that the country has no plans to withdraw from OPEC+.May 5th - Switzerlands inflation rate surged in April, impacted by rising energy import costs due to the Iran war. Data released by the Swiss National Statistical Office on Tuesday showed that consumer prices rose 0.6% year-on-year in April, higher than the 0.3% inflation rate in March. This marks the second consecutive month of increase in Swiss inflation, reaching its highest level since December 2024. Due to its relatively low dependence on fossil fuels, Switzerland has been less affected by rising energy prices. However, imported fossil fuels are expected to keep inflation high this year. Data shows that Swiss petroleum product prices rose 17% year-on-year. Import inflation was 0.9%, while domestic inflation was 0.5%. Currently, this overall inflation rate is higher than the average inflation rate of 0.5% projected by the Swiss National Bank at its March meeting for 2027.Switzerlands April CPI rose 0.3% month-on-month, below the expected 0.2% and the previous reading of 0.20%.

Near 1.3600, USD/CAD Meets Difficult Resistance Amid a Weak USD Index and Rising Crude Prices

Daniel Rogers

Mar 29, 2023 14:32

USD:CAD.png 

 

Near 1.3600, the USD/CAD pair encountered resistance during the Asian session. As the US Dollar Index (DXY) appears vulnerable to further losses below 102.40, the Canadian dollar appears to have a sturdy downside bias. The USD Index has found support near 102.40, but a retracement is likely as risk appetite improves.

 

The USD Index is under intense pressure as a result of the decline in U.S. banking concerns. As reported by Reuters, US House Speaker Kevin McCarthy stated in an interview with CNBC on Tuesday that "at this time" there is no need for universal insurance on all bank deposits, reviving concerns of a banking crisis in the United States.

 

Tuesday's S&P500 futures remained predominantly constrained in response to House Speaker Kevin McCarthy's remarks. The Federal Reserve (Fed) is expected to maintain a consistent tone when announcing its interest rate decision at its May monetary policy meeting, despite the optimistic market sentiment.

 

In the interim, demand for U.S. government bonds remained low due to investors' expectation that the nation will emerge from its banking crisis sooner. This led to a rise in 10-year US Treasury yields to 3.57 percent.

 

According to Bloomberg, the Canadian Dollar remained volatile on Tuesday after Finance Minister Chrystia Freeland's announcement that dividends received by financial institutions from holding domestic equities will be considered business income. This will generate billions in tax revenue from banks and insurance firms that receive dividends from Canadian corporations.

 

Due to a weakening US Dollar and expectations of additional sanctions against Russia, the price of oil has risen to close to $74.00 on the energy front. The US Energy Information Administration (EIA) oil inventory data will be attentively monitored for additional guidance. As anticipated, the US EIA will report an increase of 0.187 million barrels in oil stocks for the week ending March 24.

 

Notably, Canada is the leading oil exporter to the United States, and rising crude prices would strengthen the Canadian Dollar further.

Suggestion