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May 16 – According to the New York Times, the Trump administration is considering establishing a $1.7 billion fund to compensate allies investigated by the Justice Department during former President Bidens term, a move that would create a moral, legal, and political minefield for Republicans and Justice Department leadership. According to three people familiar with the matter, this unusual plan has not yet been finalized or approved. Democrats and former administration officials have criticized the plan as a massive, taxpayer-funded secret political fund. The proposal is a response to various allegations brought by President Trump against the federal government he controls. He has sought compensation for leaked tax returns during his first term, post-leave investigations into his handling of classified documents, and investigations into potential ties between his 2016 campaign and Russia. The idea of establishing a government fund to pay Trumps political allies has gained increasing support internally as the Justice Department and the White House attempt to resolve Trumps $10 billion lawsuit against the IRS, which he filed in January. Officials familiar with the details revealed that establishing a compensation fund for Trumps allies, but not for the president himself, could provide a short-term solution, allowing the president to obtain tangible benefits from the lawsuit before a judge dismisses it.Market news: BlackRocks private credit fund valuation is under investigation by the U.S. Department of Justice.According to SEC filings, Berkshire Hathaway reduced its stake in Chevron (CVX.N) by 35.2%, down to 84.4 million shares.SEC filings show that Berkshire Hathaway has sold off all of its Amazon (AMZN.O) shares.S&P: As a major net exporter of crude oil and an emerging producer of refined products, Nigeria has been less affected by the Middle East conflict.

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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