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On April 21, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) released a report on the economic performance of central enterprises in the first quarter. The data showed that the central enterprises operated smoothly and orderly in the first quarter, with continued improvement in operational efficiency. Fixed asset investment reached 1.05 trillion yuan, a year-on-year increase of 23.5%, and added value reached 2.7 trillion yuan, a year-on-year increase of approximately 3%. Industrial development is moving towards new and superior directions, with investment in strategic emerging industries increasing by 19.5% year-on-year.The Peoples Bank of China announced today that it conducted a 5 billion yuan 7-day reverse repurchase operation, with a bid amount of 5 billion yuan and a winning bid amount of 5 billion yuan. The operation rate was 1.40%, unchanged from the previous rate.A chart summarizing the overnight price movements of international spot platinum and palladium.Futures News, April 21: Crude oil prices corrected. Although there were some positive news, fuel oil traders remained cautious and wait-and-see, resulting in weak market demand and sluggish refinery sales. Fuel oil trading is expected to continue its steady, narrow downward trend today.As geopolitical tensions fluctuate and the price difference between domestic and international markets shifts frequently, risk aversion influences the price movements of gold and silver. A chart provides a quick overview of the pre-market conversion prices of gold and silver between domestic and international markets.

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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