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On June 22, it was reported that the Ministry of Finance, together with the Ministry of Agriculture and Rural Affairs, recently allocated 219 million yuan in agricultural production disaster prevention and relief funds to support seven provinces, including Inner Mongolia, Hubei, Hunan, Guangdong, Chongqing, Guizhou, and Yunnan, in carrying out agricultural production disaster relief work. The funds will focus on providing appropriate subsidies for disaster relief measures such as crop replanting, repair of flood-damaged agricultural facilities, dredging and drainage of farmland, and emergency drying of summer grain. The aim is to fully support disaster-stricken areas in coping with the impact of floods, hail, and other disasters, accelerate the recovery of agricultural production, reduce agricultural losses, and help solidify the foundation for a bumper grain harvest.On June 22, US Vice President Vance addressed the nation from Switzerland. He stated that negotiations with Iran were progressing very smoothly and had yielded many positive developments. Technical discussions will continue, and he will soon return to the United States. The technical team still has much work to do, and technical negotiations will continue in the coming weeks and days. Vance noted that Iran has agreed to invite IAEA inspectors for a return visit, and the inspectors may begin work this week, as early as today. He may also have discussions with nuclear observers today. He emphasized that President Trump will respond when Iran makes false statements. Regarding the regional situation, Vance stated that a de-escalation mechanism has been established for Lebanon, hoping that Hezbollah will stop firing on Israel. This mechanism aims to curb the conflict in Lebanon while ensuring proper coordination and respect for Lebanese sovereignty. Furthermore, Vance stated that a mechanism has been established to keep the Strait of Hormuz open, which is currently open. He said he hopes to achieve a regional ceasefire and ensure Israels security, while believing that a very good foundation has been laid for a successful final agreement.June 22 - U.S. Vice President Vance said on the 22nd that the negotiations between the United States and Iran in Switzerland have made a lot of good progress, laying a very good foundation for reaching a final agreement. Iran has agreed to invite IAEA inspectors to visit Iran again.Note: Vice President Vances speech has ended.US Vice President Vance: American farmers will be richer if Iranian assets are unfrozen.

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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