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June 22nd - US President Trump: A corrupt and failed New York Times headline: "After nearly four months of war, what has changed? Analysts say nothing much." Really? The (Iranian) military is finished, their navy is gone, their air force is gone, their launch platforms, missiles, drones and their manufacturing are almost gone, their two top leaders are gone, their inflation rate is 250%, their economy has collapsed, soldiers are not paid, the Strait of Hormuz is open, oil is flowing, and the US stock market and employment rate are at record highs. Thats the change, you corrupt and immoral cowards, and theres much more!According to Fox News: A U.S. diplomat stated that the Iranian delegation remains in Switzerland and negotiations are ongoing. Serious progress is being made throughout the day. Intensive discussions are underway regarding all elements of the nuclear agreement. Some discussions focus on clarifying confusing information about the Strait of Hormuz to ensure it remains open.According to sources familiar with the matter, alternative asset management giant Investcorp is acquiring a majority stake in a UK facilities management company, highlighting the continued push for overseas deals by Gulf investors despite the ongoing conflict in the Middle East. The Bahrain-based company is acquiring a stake in Smart Managed Solutions at a valuation exceeding $200 million.Israeli Prime Minister Benjamin Netanyahu: Some Americans say Trump listens to me completely, and some Israelis say I listen to Trump completely—neither of these statements is true. We are leaders of an independent nation. I represent Israels interests.According to Israels i24News, Israeli Prime Minister Netanyahu stated, "We have stopped Iran from carrying out a plan aimed at completely annihilating us."

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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