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On August 20, Houthi spokesman Yahya Sarri stated, "The Yemeni armed forces successfully conducted two military operations using two drones. The first operation targeted sensitive Saudi targets at Najran airport, and the second targeted Saudi Aramco facilities in Najran. Both operations successfully achieved their objectives. This operation was a response to Saudi drones violating the airspace of Saada province. The armed forces will continue to defend Yemeni sovereignty, resist any aggression, and resolutely implement this strategic policy."According to Israeli reports, the Israeli Air Force has completed the relocation of a helicopter squadron from Ramon Air Base in the south to David Air Base in Ramat in the north. The IDF stated that this move is to better defend the northern border and to learn from the lessons of the October 7, 2023 attack.Justyna Zabinska-La Monica, senior manager of the Conference Boards Business Cycle Indicators, stated that the economy should continue to expand, but growth is expected to be primarily driven by corporate investment in the artificial intelligence sector, while rising living costs may reduce consumer spending, particularly among low- and middle-income households. The Conference Board continues to forecast U.S. real GDP growth of 1.9% for both 2026 and 2027.Justyna Zabinska-La Monica, Senior Manager of the Business Cycle Indicators at the Conference Board: The U.S. Leading Economic Index rose slightly in July, marking its fourth increase in the past six months. Most sub-indices rose in July, except for consumer expectations, which remained a significant drag on the overall index.The Houthi rebels claimed responsibility for attacks on Saudi Arabias Najran airport and "sensitive" targets belonging to Saudi Aramco in Najran. Saudi Arabia has not yet immediately confirmed this.

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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