EUR/USD 1.17888
-0.082%
Gold 4811.64
0.438%
Oil 89.363
1.245%
USD/JPY 158.909
-0.040%
GBP/USD 1.35578
-0.022%
GBP/JPY 215.451
-0.029%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Futures News, April 16th: Enterprise Singapore (ESG) reported that Singapores light distillate fuel inventories rose by 1.495 million barrels to a three-week high of 18.002 million barrels in the week ending April 15th.Futures News, April 16th: Enterprise Singapore (ESG) reported that as of the week ending April 15th, Singapores middle distillate fuel inventories rose by 1.434 million barrels, reaching a 25-week high of 10.272 million barrels.According to a report from Futures on April 16, Enterprise Singapore (ESG) reported that Singapores fuel oil inventories rose by 1.943 million barrels to a three-week high of 23.665 million barrels in the week ending April 15.Italys final harmonized CPI annual rate for March was 1.6%, below the expected 1.5% and the previous reading of 1.50%.April 16th - According to foreign media reports, EU officials stated that the EU is drafting a plan to address the impending shortage of aviation fuel and maximize refinery output. European airlines have warned of potential aviation fuel shortages within weeks due to the conflict with Iran, disrupting pre-summer flight schedules. Europe is more dependent on aviation fuel imports than other transport fuels, with approximately 75% coming from the Middle East. A draft indicates that starting next month, the European Commission will release a map covering the entire EUs petroleum product refining capacity and take measures to "ensure that existing refining capacity is fully utilized and maintained." Officials familiar with the proposals stated that the EU is also developing measures for aviation fuel supply, but these measures are still being refined.

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