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Futures News, April 8th: Economies.com analysts latest view: Gold has continued its strong gains in recent intraday trading, approaching the key resistance level of $4800, which was previously considered a potential target. This rise is attributed to the price remaining above the EMA50, which continues to act as dynamic support, enhancing the stability of the uptrend. This performance is also accompanied by persistently positive momentum indicators, reinforcing the likelihood of a sustained breakout of the current resistance level in the near future.Bahrains Ministry of the Interior: Air raid sirens have been activated. The public is urged to remain calm, seek shelter, and follow the latest official updates.On April 8th, it was reported that in order to rectify the chaotic spread of "AI-modified" videos, the State Administration of Radio and Television launched a month-long special campaign in January 2026. The campaign focused on cleaning up illegal videos based on classic TV dramas such as the Four Great Classical Novels, historical dramas, revolutionary dramas, and works depicting heroic figures, while also simultaneously removing various cult-like animations. The campaign removed over 23,000 illegal videos and dealt with over 100 violating accounts, effectively curbing the spread of illegal videos.US President Trump: The United States has achieved a "complete and total victory," 100%.April 8th - The Reserve Bank of New Zealands (RBNZ) meeting minutes revealed that the committee discussed preemptively preventing the risk of runaway inflation expectations. Influenced by the hawkish tone, the New Zealand dollar strengthened to 0.5819 at one point. Marcel Tillient, Head of Asia Pacific at Capital Economics, stated that the RBNZ seemed to have a conflicted attitude towards the "impact of the energy shock." "As a result, we expect the RBNZ to wait until the fourth quarter rather than the third quarter as predicted by the OIS market before tightening policy." The RBNZ did not provide comprehensive economic forecasts in its monetary policy assessment, but indicated that it expects inflation to rise to 4.2% in the June quarter. The statement said, "The extent of near-term increases in headline inflation will depend on how the Middle East conflict evolves and the extent and duration of disruptions to global supply chains and energy markets." The statement said the committee remains focused on returning inflation to its 2% target over the medium term, which requires core inflation and wage growth to remain under control and inflation expectations to stabilize at 2%. The statement said, "If these conditions are not met, a decisive and timely increase in the OCR will be necessary."

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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