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On September 10th, the National Bureau of Statistics released the revised "Measures for the Classification and Specific Handling of Statistical Units," which will take effect on January 1, 2027. The Measures revise the statistical principles for statistical units, clarifying the original "statistics based on the principle of location" to "statistics based on the principle of the place where business activities occur." New provisions define the specific connotation of "place where business activities occur" and the method for determining "place where major business activities occur." Specifically, the place where business activities occur refers to the location where the statistical unit conducts its business activities. If there are multiple locations where business activities occur, the location with the highest share of operating revenue (gross profit for wholesale and retail trade) will, in principle, be determined as the place where major business activities occur. For new economic formats, the Measures stipulate that units conducting economic activities on internet platforms will be statistically analyzed according to the "principle of the place where business activities occur," with online and offline activities following the same statistical principles.On September 10th, four sources within the Yemeni government forces stated that the Houthi rebels are close to gaining complete control of coastal cities along the Bab el-Mandeb Strait, including the historic port cities of Mocha and Dhubab. The group is currently pushing for control of the entire Red Sea coast of Yemen. The Bab el-Mandeb Strait, also known as the "Gate of Tears," is a key target for the Houthis. If this narrow waterway is blocked, the main shipping routes for Gulf oil-producing countries, especially Saudi Arabia, will be disrupted, following Irans de facto closure of the Strait of Hormuz.The yield on German 30-year government bonds rose to 3.8981%, the highest level since April 2011, up 2 basis points.Pakistan stated on Thursday that, according to the Mecca Agreement, there are currently no discussions regarding Islamabads military response to Houthi attacks on Saudi Arabia, but added that Pakistan will act "when the time is right." When asked at a weekly media briefing about Islamabads plans to fulfill its obligations under the joint defense agreement signed with Turkey and Saudi Arabia, Pakistani Foreign Ministry spokesman Sajjad Haider Khan said, "There are no discussions on such matters at present… When the time is right, (we) will act in accordance with the agreement." The joint defense agreement, signed last month, stipulates that an armed attack on any of the three countries will be considered an attack on all three. This issue arises after Houthi attacks on Saudi cities and energy infrastructure this week, which, as of Thursday, have become a second front in the Middle East. Reuters reported that Islamabad has warned Iran to restrain its Houthi allies in Yemen after the Houthis intensified their attacks on Saudi Arabia. Pakistan, which is also mediating the US-Iran conflict, condemned the attacks but did not elaborate on how it might respond under the terms of the defense agreement.Statistics South Africa: South African gold production fell 7.4% year-on-year in July, total mining output fell 7.5% year-on-year, and platinum group metals production fell 13.5% year-on-year.

The USD/CAD exchange rate bounces above 1.3550 ahead of the US GDP/ Durable Goods report, while oil prices surge

Daniel Rogers

Oct 27, 2022 15:31

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After a sharp fluctuation between 1.3533 and 1.3650 during the Tokyo session's late hours, the USD/CAD pair has moved sideways. The asset exhibits a rangebound structure between 1.3545 and 1.3822 in Asia. Prior to the release of crucial US statistics, it is anticipated that the major would remain sluggish.

 

In the meantime, market sentiment is quite upbeat, and risk-perceived currencies are reveling. The US dollar index (DXY) had a dead cat bounce after reaching a new monthly low of 109.56. While yields on 10-year US Treasuries are remain precarious and hovering around the 4% cushion.

 

Wednesday, after the Bank of Canada announced its interest rate decision, the Canadian dollar traded between 1.3545 and 1.3582. (BOC). Governor Tiff Macklem of the Bank of Canada (BOC) announced a 50 basis point (bps) rate increase, increasing borrowing rates to 3.75 percent. A smaller-than-expected hike in interest rates has stunned market participants.

 

In reference to the peak of inflationary pressures, BOC's Macklem remarked that the central bank is still a long way from accomplishing its goal of ensuring inflation is low, stable, and predictable. Concerning the course of policy, the Bank of Canada stated that they are reaching the end of the tightening phase, but are not quite there.

 

CIBC analysts expected the rate to peak at 4.25 percent despite the "slight softening" in comparison to previous increases.

 

On the front of the US dollar, it is expected that the US GDP rose by 2.4% in the third quarter, compared to a 0.6% fall. In addition, US Durable Goods Orders are predicted to climb by 0.6% versus a 0.2% decline.

 

As a result of the depreciation of the DXY and the adoption of sanctions against Russia, the oil price increase has accelerated. Despite the Energy Information Administration's report of an increase in oil stockpiles, the price of crude oil has risen to more than $88, reaching a high of approximately $88.01. (EIA). The oil stocks climbed by 2.588 million barrels for the week ended October 21, compared to the expected increase of 1.02 million barrels.


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