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May 11 - According to a report by Irans Tasnim News Agency on May 10, citing sources, Iran has requested the U.S. Treasury Departments Office of Foreign Assets Control to lift sanctions related to Iranian oil sales within 30 days, in its proposal to the United States.May 11th - According to Irans Tasnim News Agency, an Iranian source stated, "We have just seen the so-called US presidents reaction to Irans response. This is completely irrelevant; no one in Iran will draft a proposal to please Trump. The only thing the negotiating team should develop is a plan that upholds the rights of the Iranian nation. If Trump is not satisfied with this, that would be a better outcome."On May 11, according to Axios, Trump said in a brief phone interview on Sunday that he rejected Irans latest draft agreement to end the war. Trump stated, "I dont like their letter. Their wording is inappropriate. I dont like their response." However, he declined to elaborate on the content of the reply. He said, "Theyve been giving the runaround to many countries for 47 years." Trump indicated that he spoke with Israeli Prime Minister Netanyahu on Sunday, and the two discussed Irans response and other issues. Trump said, "It was a very pleasant call. We have a very good relationship." However, he added that the Iran negotiations "are my business, not anyone elses business." In this brief interview, Trump did not specify whether he intended to continue negotiations or whether he might turn to military action.US President Trump: We have just successfully secured the release of three Poles and two Moldovans who were previously detained in Belarusian and Russian detention centers.According to Irans Tasnim News Agency, citing sources, Irans response emphasized that the naval blockade against Iran must be ended immediately after the signing of the preliminary agreement.

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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