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Market news: The Trump administration has canceled emissions credits from the Environmental Protection Agency for vehicles equipped with start-stop technology, ending a program designed to incentivize automakers to install fuel-saving systems that shut off the engine when stopped at red lights.February 16th - Analysts predict Asian stocks will rise on Monday after recent selling pressure in US stocks eased and inflation data supported expectations of a Federal Reserve rate cut this year. Japanese and Australian stock index futures also foreshadow gains. In early Sydney trading, the US dollar was largely unchanged against major currencies. The calm in the market suggests overall risk sentiment is supported after several weeks of declines in the S&P 500, driven by concerns about the impact of artificial intelligence on industries ranging from software to logistics.On February 16th, according to the Financial Times, British Prime Minister Keir Starmer warned Elon Musk and other tech executives that in the UK, "no platform has a passport" when it comes to illegal content. This comes as the Prime Minister is tightening online safety regulations following a scandal involving xAIs Grok chatbot. The government stated it will seek the power to "act swiftly" to close legal loopholes, explicitly bringing AI chatbots such as Grok, Googles Gemini, and OpenAIs ChatGPT under the jurisdiction of the Cybersecurity Act, alongside social media platforms like Instagram and TikTok. Starmer cited Musks AI company xAI and its Grok chatbot (which was used this year to generate pornographic images of women and children, triggering an investigation by the UK communications regulator Ofcom) as an example, saying, "Our actions with Grok send a clear message: no platform has a passport."Conflict Status: 1. A Ukrainian drone strike in Luhansk injured 19 people. 2. Russian forces claim they have taken control of 12 settlements previously held by Ukrainian forces this month. 3. Ukrainian military: Attacked the Taman oil terminal in Russias Krasnodar region. 4. Russian forces stated they have occupied the village of Tsvetkove in Ukraines Zaporizhzhia region. 5. The local governor stated that the port of Taman in Russias Krasnodar region was attacked by drones. Oil storage tanks, warehouses, and the dock at Taman port were damaged in the attack. Peace Negotiations: 1. Russian Deputy Foreign Minister: Russia is willing to discuss with the US and other parties the introduction of an external governance mechanism to Ukraine. 2. EU High Representative for Foreign Affairs and Security Policy, Kalas: It seems EU countries are not yet ready to give Ukraine a specific date for joining the EU. February 16th - On February 15th local time, Hungarian Foreign Minister Szijjártó posted on his personal social media that, due to Ukraines continued suspension of transit transport through the "Friendship" oil pipeline, Hungary and Slovakia have sought assistance from Croatia, hoping to transport Russian crude oil via the "Adriatic" pipeline. Szijjártó stated that Hungary and Slovakia had previously secured the right to continue purchasing cheap Russian crude oil through the "Friendship" pipeline, and this sanction exemption also includes the option of purchasing Russian crude oil by sea if transit via the pipeline becomes unfeasible.

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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