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On May 14th, TSMC released presentation materials prior to a technology symposium, indicating that the global semiconductor market is projected to exceed $1.5 trillion by 2030, surpassing its previous forecast of $1 trillion. TSMC predicts that artificial intelligence (AI) and high-performance computing (HPC) will account for 55% of this $1.5 trillion market, followed by smartphones at 20% and automotive applications at 10%. TSMC stated that it is accelerating its capacity expansion in 2025 and 2026, and plans to build nine new wafer fabs and advanced packaging facilities by 2026.On May 14th, Baidu (09888.HK) opened 6.98% higher, reaching a high of HK$147.9. A research report released by Citigroup stated that Baidu Chairman and CEO Robin Li proposed at the BaiduCreate2026 launch event that artificial intelligence is shifting from a model-centric to an application- and agent-centric era. The era of AgenticAI has arrived, and Li proposed "daily active intelligent agents" as a new value metric to better reflect the productivity output of artificial intelligence. Citigroup believes that Baidu has demonstrated and positioned itself as a leader in the emerging "AgenticAI" era, possessing a clear strategy to transform its technology into commercial value.The main fuel oil contract fell by more than 2.00% during the day, and is currently trading at 4349.00 yuan/ton.According to the National Bureau of Statistics, the price of soybean meal (crude protein content ≥43%) in early May was 2,949.0 yuan/ton, a decrease of 0.3% compared with the previous period.May 14th - The China Federation of Logistics and Purchasing (CFLP) released its April China E-commerce Logistics Index today (May 14th). Data shows that e-commerce logistics volume maintained rapid growth in April, showing an overall steady upward trend. The April China E-commerce Logistics Index was 110.6 points, a slight increase of 0.3 points month-on-month. In April, express delivery companies maintained stable operations, and several supply-side indicators continued to improve. Among the sub-indices, the logistics timeliness index, fulfillment rate index, satisfaction rate index, personnel index, and load factor index all rebounded.

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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