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On March 22, Elon Musk held a press conference to announce Project Terafab, a grand plan aimed at eventually manufacturing its own chips for robotics, artificial intelligence, and space data centers. The project will be based in Austin and jointly operated by Tesla and SpaceX. Musk stated that he will first build an "advanced technology wafer fab" in Austin, equipped with the full suite of equipment needed to manufacture and test various types of chips. Musk said that although the semiconductor industry is increasing production, its pace of development is still not meeting his anticipated chip demand. "This pace is far below our expectations," Musk said. "Either we build a terawatt-scale factory, or we dont have any chips available, and we need these chips, so were building a terawatt-scale factory." Musks project aims to support 1 terawatt of computing power annually in the future.According to Al Jazeera: The Israeli military reports a new round of missile attacks by Iran.On March 22, Apple CEO Tim Cook, in an interview with the media in Beijing, said that the development of Chinas robotics industry is impressive. Speaking about the opportunities in China during the 15th Five-Year Plan period, he expressed great anticipation for artificial intelligence (AI) and eagerly awaited the next developments in the field.March 22nd - A new round of refined oil price adjustments will take place in China at midnight on March 23rd. According to Longzhong Information, the expected increase is around 2000 yuan/ton. For a 70-liter fuel tank, filling up a car will cost approximately 106 yuan more. For a 50-liter tank, the increase is expected to be around 75 yuan more. This will mark the fifth consecutive price increase this year, potentially the largest increase this year. However, the final adjustment amount will depend on the official data released by the National Development and Reform Commission that evening.On March 22, Hong Kong Financial Secretary Paul Chan Mo-po stated that during his recent visit to Beijing, he met with several central government ministries and financial regulatory agencies. They engaged in in-depth discussions on the macroeconomic situation, the current state and development of the financial market, and how Hong Kong can better play its role in the new phase of the nations 15th Five-Year Plan. Chan and his delegation deeply appreciated the concern, understanding, and support shown by the various ministries and agencies for Hong Kongs situation. They also realized the need for a more accurate understanding of the nations development direction, key areas, and strategies in order for Hong Kong to accelerate its integration into and serve the overall national development strategy, and to maximize its own advantages.

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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