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According to the Islamic Republic News Agency (IRNA), Iranian President Pezehiziyan told French President Macron that diplomacy is the preferred way to resolve disputes.On April 14, the Ministry of Commerce and the Export-Import Bank of China jointly issued the "Notice on Strengthening Import and Export Credit Support for a Good Start to the High-Quality Development of Commerce during the 15th Five-Year Plan Period." The Notice closely follows the key tasks of commerce work in 2026, further leveraging the role of policy-oriented financial institutions, and proposes three specific measures. First, promoting innovative trade development. Focusing on exploring diversified markets, cultivating new drivers of foreign trade, and promoting balanced import and export development, the Notice calls for making full use of import and export credit tools, enriching and improving products and services adapted to new business formats and models, and ensuring comprehensive import service guarantees. Second, expanding the space for two-way investment and cooperation. The Notice proposes detailed measures in three aspects: attracting and utilizing foreign investment with greater力度, promoting international cooperation in industrial and supply chains, and supporting the construction of high-level open platforms. It supports the Export-Import Bank of China in deeply integrating into and serving the expansion of high-level opening-up, and providing comprehensive financial services. Third, promoting the high-quality development of the Belt and Road Initiative. The Notice supports the Export-Import Bank of China in focusing on key areas of multilateral and bilateral economic and trade cooperation under the Belt and Road Initiative, coordinating financial services for major landmark projects and "small but beautiful" livelihood projects, promoting the cross-border use of RMB, and strengthening investment and financing service guarantees.According to the Islamic Republic News Agency (IRNA), Iranian President Pezechzian told French President Macron that threats, pressure, and military action will only exacerbate the "self-inflicted trouble" of the United States in the region.According to the Islamic Republic News Agency (IRNA), Iranian President Pezehiziyan told French President Macron that Europe could play a constructive role in urging the United States to abide by international law.According to the Islamic Republic News Agency (IRNA), Iranian President Pezechzian told French President Macron that the United States lack of sincerity and extreme stance led to the failure of the Islamabad talks to reach an agreement.

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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