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On May 13, at the invitation of Chinese President Xi Jinping, US President Donald Trump will pay a state visit to China from May 13 to 15, accompanied by a delegation of representatives from the US business community. What is the China Council for the Promotion of International Trade (CCPIT)s comment on this? A spokesperson for the CCPIT stated that the CCPIT welcomes the visit of representatives from the US business community to China. There is broad space and enormous potential for pragmatic cooperation between China and the US. The CCPIT looks forward to further deepening exchanges and cooperation between the business communities of China and the US under the strategic guidance of the two heads of state, making new contributions to the stable, healthy, and sustainable development of China-US relations. The CCPIT also welcomes more US companies to Beijing to participate in the 4th China International Chain Expo, which will open on June 22, to jointly maintain the stability and smooth flow of the global supply chain.Iranian military spokesman: After this war ends, there will be no turning back.Israel Defense Forces: In the past few hours, Hezbollah has launched multiple explosive drones that exploded near the operational areas of Israel Defense Forces soldiers.On May 13th, MediaTek released its Dimensity AI Intelligent Agent Engine 2.0 and launched the Dimensity AI Development Kit 3.0. Chen Guanzhou, Director and General Manager of MediaTek, stated in his speech that over the past three years, the growth rate of Dimensity AI ecosystem partners has increased by 240%, and the download volume of the development kit has increased by 440%. As the worlds largest mobile chip company in terms of shipments, MediaTek was previously rumored to be collaborating with OpenAI to develop system-on-a-chip (SoC) for smartphones, with mass production expected in 2028. In response, Li Junnan, Senior Director of Technology Planning at MediaTeks Wireless Communications Business Unit, stated, "We are currently actively exploring these new opportunities internally. The role of large-scale models in AI is seeking multiple development paths, and we believe there is significant potential." However, MediaTek did not directly respond to questions regarding specific company collaborations.Israel Defense Forces: The Israeli Air Force recently intercepted two suspicious aerial targets detected by IDF soldiers in their operational area in southern Lebanon. No alert was issued as per protocol.

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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