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On April 2nd, the August Melon Technology Innovation Research Institute released the "Global Artificial Intelligence Enterprise Technology Innovation Index Report 2026" on March 30th. The report shows that the global artificial intelligence industry has formed a highly concentrated regional pattern. Of the 100 benchmark AI companies surveyed, 51 are from China and 37 are from the United States, totaling 88 companies from these two countries, accounting for 88% of the global total. The overall distribution shows a dual-core pattern of China and the US, with Europe playing a supporting role and other regions supplementing the mix. At the same time, the spatial agglomeration effect of global AI companies is extremely significant, with 51% of the companies clustered in the four core technology cities of San Francisco, Beijing, Shanghai, and Shenzhen.According to Yonhap News Agency, South Korean trade officials stated that US oil accounts for the largest share of the supply of alternative oil to the Middle East, and the proportion of US oil is expected to increase further.According to Yonhap News Agency, officials said South Korea has secured 50 million barrels of alternative oil supplies for April.Indonesias geophysical agency has lifted the tsunami warning following a 7.6-magnitude earthquake near Halmahera Island.On April 2nd, following CCTVs exposé of the chaos surrounding "imported" health products, the Hangzhou market supervision department in Zhejiang Province launched an investigation into Hangzhou Suoxiang Marketing Planning Co., Ltd., which was involved in the case. They have retrieved relevant materials such as service details and financial transactions, and are currently questioning relevant personnel and verifying related data. The market supervision department has now initiated an investigation into the company for suspected illegal advertising activities. Simultaneously, investigations have also been launched into Hangzhou Shetao E-commerce Co., Ltd. and Hangzhou Aidesida Media Technology Co., Ltd., also mentioned in the report, for suspected illegal advertising activities.

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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