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The SC crude oil futures contract saw its intraday gains narrow to 2.00%, currently trading at 596.50 yuan per barrel.On June 2nd, it was announced that the revised "Shenzhen Municipal Measures for the Supply and Management of Industrial and Other Industrial Land," spearheaded by the Shenzhen Municipal Planning and Natural Resources Bureau, will come into effect on May 7th, 2026. The measures aim to strengthen land use guarantees for major industrial projects, standardize the management of industrial land supply, and improve the level of efficient and intensive land use. The "Measures" represent a significant achievement in Shenzhens implementation of comprehensive reform pilot programs and the deepening of market-oriented allocation of factors of production. They also serve as an institutional exploration to address the tight land constraints of a megacity and enhance the management capacity of industrial land.On June 2nd, the Zhengzhou Housing Provident Fund Management Center and the Zhengzhou Housing Security and Real Estate Administration Bureau issued a notice to launch a service allowing the pre-withdrawal of housing provident funds to pay for the purchase of existing homes. Zhengzhou housing provident fund contributors who intend to purchase existing homes in Zhengzhou (the eight urban districts) and meet the eligibility requirements for housing provident fund withdrawal can withdraw the housing provident funds of the buyer, their spouse, and co-owners after the "Zhengzhou Existing Housing Sales Contract" is filed. The withdrawn funds will be transferred to the supervision account specified in the "Zhengzhou Existing Housing Transaction Settlement Fund Supervision Agreement".Hong Kong-listed AI concept stocks opened slightly higher, with Dexter-B (02526.HK) up 7.77%, Pony.ai-W (02026.HK) up 3.68%, and 51Vision (06651.HK) up 1.47%.On Tuesday, June 2, the Hang Seng Index opened down 3.11 points, or 0.01%, at 25,395.07; the Hang Seng Tech Index opened up 30.91 points, or 0.62%, at 4,995.83; the H-share Index opened up 3.44 points, or 0.04%, at 8,511.31; and the Red Chip Index opened down 5.23 points, or 0.12%, at 4,422.19.

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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