EUR/USD 1.16785
-0.300%
Gold 4679.22
-0.203%
Oil 97.191
0.225%
USD/JPY 158.164
0.182%
GBP/USD 1.34247
-0.727%
GBP/JPY 212.318
-0.552%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The Federal Reserve accepted a total of $2.034 billion from eight counterparties in its fixed-rate reverse repurchase operations.On May 15, Libyan Prime Minister Ayatollah Debaiba attended the Libya-China Strategic Partnership Dialogue on May 13, stating that Libya highly values its strategic partnership with China and is willing to enhance practical cooperation with China in multiple fields. In his remarks, Debaiba said that the two countries have complementary advantages, and the future of cooperation is promising. He welcomed Chinese enterprises to invest and do business in Libya, and Libya is willing to provide a safe and stable business environment for Chinese companies. Libya is willing to strengthen cooperation with China in energy, infrastructure, industry, and other fields to achieve mutual benefit and win-win results. Chinese Ambassador to Libya Ma Xuliang stated that the friendship between China and Libya has a long history, the political foundation for cooperation between the two countries is solid, their economies are highly complementary, and the prospects for cooperation are broad. China is willing to work with Libya to create favorable conditions, steadily and orderly promote practical cooperation in various fields, continuously enrich the connotation of the China-Libya strategic partnership, and benefit the people of both countries.According to the Wall Street Journal: Two Japanese oil tankers transited the Strait of Hormuz after the Japanese prime minister spoke directly with the Iranian leadership to ensure the safe passage of Japanese vessels.Federal Reserves Hamack: Independence is crucial for effective central bank policymaking.Cerebras Systems, an artificial intelligence chip manufacturer, opened at $350 on its first day of trading on Nasdaq, with an IPO price of $185.

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.

Suggestion