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On May 26, the Russian Foreign Ministry website published a statement on May 25 saying that Russian Foreign Minister Sergey Lavrov spoke by phone with US Secretary of State Marco Rubio that day. Following instructions from Russian President Vladimir Putin, Lavrov informed the US that Russia had begun a systematic offensive against military facilities in Kyiv, the capital of Ukraine. Lavrov stated that in response to Ukraines continued attacks on Russian civilians and civilian facilities, the Russian military was conducting systematic and sustained strikes against facilities in Kyiv serving the Ukrainian Armed Forces. He reminded the US of the statement issued by the Russian Foreign Ministry that day and advised US diplomats and citizens to evacuate from Kyiv. The statement also said that the two sides exchanged views on the Strait of Hormuz and the situation in Cuba. Furthermore, both sides expressed their commitment to intensifying efforts to normalize the work of their respective diplomatic missions.Russian Foreign Ministry: Russian Foreign Minister Lavrov spoke by phone with Rubio, informing him of Russias decision to launch strikes against military-related locations in Kyiv in response to "terrorist acts" in Ukraine.Spain reports one new case of Hantavirus infection.Iranian state media: The Iranian president has ordered the restoration of internet services.Ukrainian President Zelensky: Discussions with the United States on expanding the production of missile defense systems have made little progress, and we are working hard to cooperate with Europe.

USD/CAD Bears In Control And Aiming At Support Zone Lows

Alina Haynes

Apr 04, 2023 13:53

USD:CAD.png 

 

The USD/CAD exchange rate is unchanged on the day after a succession of negative impulses drove the price into new territory to the downside and deeper into a support region as a result of the oil price rally. The USD/CAD exchange rate was 1.3431 at the time of writing.

 

Monday's 6.3% rise in West Texas Intermediate WTI crude oil to an intraday high of $81.51 strengthened the CAD. The oil price surged after the OPEC+ cartel surprised the market with a production cut of 1.1 million barrels per day to support prices, with the cartel announcing that it will reduce output prior to Monday's ministerial meeting.

 

Analysts at TD Securities observed that the Bank of Canada's Business/Consumer Surveys painted a more dovish picture ahead of the April BoC meeting, with a marked improvement in capacity pressures and consumer inflation expectations.

 

Analysts noted that firm-level inflation expectations continue to be elevated and that consumer growth and income expectations have also increased since the fourth quarter.

 

''The Bank of Canada should be pleased with these results, which indicate a decline in capacity pressures and a moderation in inflationary pressures. However, inflation expectations remain a formidable impediment to near-term relief. If growth does not decelerate substantially in the second quarter, it may be difficult for the Bank of Canada to keep rates at 4.50 percent. Analysts believe that the report is optimistic for CAD.


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