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February 22nd - According to data from Maoyan Professional Edition, the movie "Night King" has grossed over 40 million yuan in just three days since its release.On February 22, the 10th National Assembly election in Laos officially commenced. Voting across the country began at 8:00 AM local time (9:00 AM Beijing time). The newly formed National Assembly will elect a new President and Prime Minister, among other national leaders, and approve a new cabinet. The Lao National Assembly is the highest organ of state power and the legislative body, with each term lasting five years.On February 22, the U.S. Department of Justice announced an investigation into Netflixs (NFLX.O) proposed $72 billion acquisition of Warner Bros. Discovery (WBD.O), examining the streaming giants market conduct and whether it exerted anti-competitive influence on creators during negotiations to acquire programming rights. The Justice Department is seeking to determine whether the deal "could materially reduce competition or be designed to create a monopoly, thereby violating Section 7 of the Clayton Act or Section 2 of the Sherman Act." According to sources familiar with the matter, the request has been sent to an independent film studio. This is the first clear indication that the Trump administration is no longer simply following standard procedures in its investigation of the acquisition, but rather employing a more in-depth investigative approach. This contradicts Netflixs claims in recent weeks that the government has not engaged in any procedures outside of normal procedures.February 22 – Ukrainian President Volodymyr Zelenskyy stated that he plans to hold talks with European partners next week to ensure Europe plays a role in the negotiations on the Ukraine crisis and to continuously strengthen its influence. He indicated that he has instructed the head of the Ukrainian negotiating team, Mikhail Umerov, to continue strengthening cooperation with Turkey and other countries. The previous day, after receiving a briefing from the Ukrainian negotiating team, Zelenskyy stated that it had been agreed to hold another round of talks on the Ukraine crisis within the next 10 days.On February 22, the Iranian Foreign Ministry issued a statement on February 21, designating the navies and air forces of all EU member states as "terrorist organizations," in reciprocal action to the EUs designation of the Iranian Islamic Revolutionary Guard Corps as a "terrorist organization." The statement indicated that this move was made by the Islamic Republic of Iran in accordance with relevant laws and regulations, in response to the blatant violations of international law by European governments. On February 19, the Council of the European Union issued a statement formally deciding to add the Iranian Islamic Revolutionary Guard Corps to the list of "terrorist organizations."

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.