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Tencent Holdings (00700.HK) spent approximately HK$300 million to repurchase 615,000 shares on April 2.On April 2nd, the State Council Food Safety Office, the State Administration for Market Regulation, and the General Administration of Customs held talks with three e-commerce platforms—Douyin, Taotian, and Xiaohongshu—involved in the illegal marketing of "Yousiyi" health products imported through cross-border e-commerce, as reported by CCTV. The platforms were required to strictly abide by the provisions of the "Anti-Unfair Competition Law of the Peoples Republic of China," the "Consumer Rights Protection Law of the Peoples Republic of China," and the "Food Safety Law of the Peoples Republic of China," to strictly implement their main responsibilities, strengthen the review and vetting of cross-border e-commerce companies on their platforms, enhance the management of goods sold on their platforms, increase efforts to handle negative information, ensure smooth channels for consumer inquiries, complaints, and reports, effectively safeguard the legitimate rights and interests of consumers, and promote the standardized, healthy, and orderly development of the industry.The wholesale price of Dutch natural gas rose 5.7% this month to €50.225 per megawatt-hour.April 2 (Reuters) - OPEC+ may consider further increasing oil production at its eight-member meeting on Sunday, a move that would allow major oil producers to quickly ramp up supply once the Strait of Hormuz reopens. At its last meeting on March 1, OPEC+ agreed to a small increase of 206,000 barrels per day in April. Sundays meeting will determine production quotas for May. While there are currently no signs of the Strait of Hormuz reopening, one source said OPEC+ is likely to agree to a production increase that would have little immediate impact on current supply, but would signal a readiness to increase production once tankers can resume passage through the strait. "We need to react, at least in form," one source said. "The market needs every barrel of crude oil that can be produced right now," another source said. A third source said that the monthly production increase could also be suspended given current export restrictions.Two OPEC+ sources: OPEC+ is likely to consider raising oil production quotas again at its meeting on Sunday in preparation for a possible easing of export restrictions in the Strait of Hormuz.

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.