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May 15th - According to sources, Turkey has proposed building a $1.2 billion (€1 billion) military fuel pipeline to help meet the energy needs of NATO allies on its Eastern European flank. The sources indicated that the pipeline from Turkey to Romania could cost only one-fifth of other proposed options, including routes through Greece or Romanias western neighbors, but these are more vulnerable to sabotage due to their reliance on maritime transport. Turkeys proposal comes as it prepares to host the NATO summit in July. Sources suggest that Turkey hopes to garner support from its allies for the proposal, which could be decided before or during the Ankara summit.U.S. Energy Secretary Wright: Every barrel of oil the U.S. releases from its strategic petroleum reserve will be replenished.According to filings with the U.S. Securities and Exchange Commission (SEC), Mubadala Investments reported holding 39,550 shares of Broadcom (AVGO.O).Financial software provider OneStream announced an expanded strategic partnership with Microsoft (MSFT.O) to promote the application of artificial intelligence and enhance its value within the CFOs office.On May 15th, it was reported that India will cooperate with the United Arab Emirates to expand its strategic oil and gas reserves, a significant step taken by the worlds third-largest oil consumer to address the risk of future supply disruptions. According to a statement from the Abu Dhabi National Oil Company (ADNOC), the company will consider significantly increasing its crude oil storage capacity in India, aiming to reach 30 million barrels. The two countries will also cooperate on establishing a strategic natural gas reserve in India and explore the construction of crude oil storage facilities at the port of Fujairah, located outside the Strait of Hormuz. This preliminary agreement was announced during Indian Prime Minister Modis brief stopover in Abu Dhabi en route to Europe.

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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