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According to Saudi media Hadas: Iranian Parliament Speaker Qalibaf met with Qatari Prime Minister at Birgun Hill.International Atomic Energy Agency Director General Grossi: Met with the Swiss Foreign Minister at Bilgenberg to assess the latest developments regarding Iran.According to Al Arabiya, Iranian President Peshizian stated that Iran will not relinquish its right to enrich uranium.According to Al Arabiya satellite television: Pakistani Prime Minister Sharif met with US Vice President Vance, and Kushner, Vitkov and the Pakistan Army Chief of Staff were also present.On June 21, Al Jazeera reported that Iranian President Pezechzian released more details of the US-Iran agreement. The Iranian president stated that as part of the preliminary agreement to end the war with the United States, $6 billion in frozen funds currently held by Qatar will be returned. All terms of the memorandum of understanding are favorable to Iran, and the results of these negotiations and consultations will gradually become apparent. The Iranian president also stated that Trump "previously prohibited us from doing many things in his speeches, but now he has declared that all of these belong to the rights of the Iranian people and nation." Pezechzian also mocked Israeli Prime Minister Netanyahu, saying he would be "the first to be dissatisfied with the Swiss negotiations." He also stated that the only demand from the United States is that Iran not possess atomic bombs. Former Iranian Supreme Leader Khamenei has also repeatedly stated that Iran does not want atomic bombs. The United States demanded that Iran provide a written commitment not to possess nuclear weapons, which Iran signed.

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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