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The Ukrainian military has attacked Russias Ilsky oil refinery.The UKs energy regulator, OFGEM, is seeking comments on draft guidance aimed at supporting appropriate supply chain security risk management for the downstream gas and electricity sectors.June 2 – Hong Kong Chief Executive John Lee met with the media in Kazakhstan today (June 2). Lee stated that this was his first time leading a delegation to Central Asia, and the visit had three objectives: first, to further explore emerging markets and lay the foundation for long-term economic and trade development; second, to strengthen relations and exchanges between governments and promote closer cooperation; and third, to build a hub-to-hub cooperation model. Lee noted that the visit to Kazakhstan yielded several results, with the trade delegation reaching 43 memorandums of understanding and cooperation agreements covering various fields including trade, investment, financial services, technology, aviation, and green finance.On June 2nd, Beijing auctioned off a residential land parcel in Sanhezhuang, Daxing District. The land area is 21,416.03 square meters, with a planned building area of 38,548.85 square meters and a plot ratio of 1.8. The starting price was 887 million yuan, with a starting floor price of 23,010 yuan per square meter. Greentown ultimately won the bid at the reserve price of 887 million yuan, resulting in a transaction floor price of 23,010 yuan per square meter.June 2 - Statistics from the Hong Kong Land Registry show that a total of 8,537 property sales and purchase agreements of all types were submitted for registration in May, a decrease of 1.8% month-on-month but an increase of 32.5% year-on-year. Calculated on a 12-month moving average, the number of property sales and purchase agreements in May was 7,637, an increase of 2.3% month-on-month and 35.3% year-on-year.

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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