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① Iran 1. Iran released the wreckage of a downed enemy drone. 2. Iranian officials stated that the country currently has sufficient supplies of petrochemical products. 3. Iran stated that its ports are ready to provide general maritime services and support. 4. Iranian President: Distrust of the US stems from its hostile actions. 5. Iranian Parliament Speaker: Iran is prepared to open fire if the US does not make necessary concessions. 6. US media: The damage Iran inflicted on US military assets far exceeded publicly reported levels. 7. Iranian and Saudi foreign ministers called for strengthened regional cooperation to prevent escalation of tensions. 8. Military advisor to Irans Supreme Leader: The US must compensate Iran for its losses. ② United States 1. According to the Wall Street Journal: Iran called for the rejection of the US-backed UN resolution on the Sea of Hormuz. 2. Trump: Operation "Epic Fury" will end if Iran complies with its commitments; otherwise, bombing will resume. 3. Trump: Iran has agreed not to possess nuclear weapons; there are no deadlines for the Iran issue. 4. Trump reiterated his optimism about reaching a US-Iran agreement, and when asked about the specific timeframe, he estimated it would be "a week." ③ Israel 1. Reports indicate that Netanyahu consulted with the Trump administration regarding US-Iran negotiations. 2. Israeli Chief of Staff: A series of targets in Iran remain to be targeted. 3. According to Lebanese media reports, the third round of negotiations between Israel and Lebanon could be held as early as next week. 4. Israeli sources: Israel is unaware that Trump is close to reaching an agreement with Iran; Israel has been prepared for an escalation of hostilities. 5. Netanyahu: Will speak with US President Trump later on Wednesday. Common US-Israel objectives include removing all enriched uranium from Iran. ④ Strait of Hormuz 1. Iran warned ships against transiting the Strait of Hormuz without permission. 2. The US military stated it has ordered 52 ships to turn back during its blockade of Iranian ports. 3. Iranian officials: The security of the Strait of Hormuz can only be guaranteed by Iran and its people. 4. The French aircraft carrier Charles de Gaulle sailed towards the Red Sea in preparation for escort duties in the Strait of Hormuz. 5. South Koreas Blue House: There is currently no need to review Trumps call to participate in the "Freedom Initiative." 6. Italian Government: Freedom of navigation in the Strait of Hormuz is a fundamental principle of international law and a necessary element of the global economy. 7. South Koreas Blue House: It is unclear yesterday whether HMM Shippings ships were attacked. The fire on an HMM Shipping ship in the Persian Gulf occurred in the engine room. 8. US Energy Secretary Wright: The US will ensure unimpeded traffic in the Strait of Hormuz. Free flow will be achieved regardless of whether an agreement with Iran is reached. 9. French shipping company CMA CGM: Its ship "San Antonio" was attacked on Tuesday while transiting the Strait of Hormuz. The attack resulted in crew injuries and damage to the ship. The injured crew members have been evacuated and are receiving medical treatment. 10. US Central Command: An Iranian ship attempted to break through the blockade; US warplanes damaged the ships rudder. 11. Irans Permanent Mission to the United Nations proposed a feasible solution to the Strait of Hormuz issue: a permanent end to the war, lifting the maritime blockade, and restoring normal passage. ⑤ Ceasefire Negotiations 1. US media reports that the US and Iran are close to reaching a one-page memorandum to end the conflict and open a 30-day negotiation window; Iran accuses some US media reports of being inaccurate, stating that it is still reviewing the US proposal. 2. US media: Trump says it is too early for face-to-face negotiations between the US and Iran. 3. US media: US-Iran negotiations may resume as early as next week in Islamabad. 4. Trump says the war in Iran is "very likely to end," and the two sides are close to reaching an agreement. 5. US Middle East envoy Witkov recently held indirect negotiations with Iranian officials. 6. Pakistani Foreign Minister: We are working to promote a ceasefire between the US and Iran to ultimately achieve a permanent end to the war. 7. Senior Israeli official: In related discussions, the US has made it clear to us that Trump will adhere to his "red lines," the most important of which is the removal of nuclear materials from Iran. ⑥ Other Situations 1. Lebanese Prime Minister says he will not seek normalization of relations with Israel. 2. According to Israeli media: Sources say the US has informed Israel that Hamas refuses to disarm. 3. Israel Defense Forces Chief of Staff: More than 2,000 Hezbollah militants have been killed since the operation began. 4. Hezbollah: Contrary to reports from within Israel, Hezbollah has rebuilt its capabilities and will continue the fight. 5. Sources: Drone attacks targeted an arms depot at an Iranian Kurdish opposition camp north of Erbil, Iraq. 6. Israel Defense Forces: In the past 24 hours, the Israel Defense Forces attacked approximately 25 Hezbollah targets, including a weapons storage facility, several buildings used for military purposes, and other terrorist infrastructure. 7. Market news: Israel launched an airstrike in Beirut targeting the commander of Hezbollahs Radwan Force; the commander, Marki Blut, is reportedly dead.Reserve Bank of New Zealand Governor Brehman: Despite global uncertainty, the banking system is under very little pressure.On May 7, Ukrainian President Volodymyr Zelenskyy posted on social media on the evening of May 6 that since the early hours of May 6, Russia had responded to Ukraines ceasefire proposal with attacks and had not ceased any military operations. Therefore, Ukraine would respond "in return." Zelenskyy emphasized that Russia had received a clear proposal from Ukraine regarding a ceasefire and a shift to diplomatic channels, and knew how to contact Ukraine or relevant partners to reach a consensus on specific details.Reserve Bank of New Zealand Governor Brehman: Economic growth is expected to slow, but we still anticipate growth this year.Reserve Bank of New Zealand Governor Brehman: Inflation is expected to rise in the near term.

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.

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