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The main contract of the Container Shipping Index (European Line) rose by 6.00% during the day and is now at 2395.4 points.Futures News on May 19, crude oil trend fluctuated and had a slight decline, gasoline and diesel shipments were poor, and fuel oil news was not positive enough. From the supply and demand perspective, refinery maintenance and resource phased expansion coexist, fuel oil supply tightened less than expected, market sales pressure remained, and downstream purchases of high-priced resources were cautious. Although fuel oil processing profits have slightly adjusted, they are still at a relatively low level, and downstream purchases are dominated by rigid demand. Overall, fuel oil news and supply and demand have limited support, and it is expected that fuel oil negotiations this week will remain stable with narrow adjustments.Futures News on May 19, crude oil fluctuated in a narrow range, gasoline and diesel production and sales were weak, fuel oil trading was weak, downstream purchasing enthusiasm was not high, risk aversion sentiment heated up, and people were cautious about purchasing high-priced resources. Refinery shipments were tepid, and it is expected that todays market will remain stable with small fluctuations.Japanese Ministry of Agriculture, Forestry and Fisheries official: After the outbreak of avian influenza, Japan has suspended the import of poultry meat from Montenegro and Rio Grande do Sul in Brazil.Nvidia (NVDA.O) fell nearly 2% in overnight trading in the U.S., Walmart (WMT.N) and Google (GOOG.O) fell 1%, and Tesla (TSLA.O) fell more than 2%.

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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