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ECB President Christine Lagarde: It would be a mistake to say we need to ignore the current shocks; it is too early to draw such a conclusion.① Iran 1. Irans Interior Minister instructed border provinces to "eliminate the threat of a maritime blockade." 2. Irans Permanent Mission to Vienna: Claims that Iran is seeking nuclear weapons are a "monumental lie." 3. According to foreign media reports, Iran has begun restoring limited internet connections to some businesses and individuals. 4. Irans Oil Minister: Oil sales have been "favorable" since the outbreak of the war, and some funds will be used to restore industry. 5. An Iranian government spokesperson said that preliminary estimates indicate the US and Israeli military strikes have caused Iran $270 billion in losses. ② United States 1. The US military has increased the number of wounded in the war against Iran to nearly 400. 2. US officials: The US government will terminate sanctions waivers for Iranian maritime oil this week. 3. The US Treasury Department threatened to impose secondary sanctions on financial institutions supporting Iran. 4. The US Treasury Department: Short-term permits allowing the sale of Iranian oil will not be renewed after they expire in the coming days. 5. US officials: Ships seized by the US military and linked to Iran will be towed to a detention area in the Arabian Sea or Indian Ocean, and a permanent location will be determined. ③ Israel 1. Israel launched airstrikes on the Tyre and Nabatieh regions in southern Lebanon. 2. Trilateral talks between Israel, Lebanon, and the US concluded, with Israel and Lebanon agreeing to initiate direct negotiations. 3. US media: The head of Israels intelligence agency, Mossad, stated that he still seeks to overthrow the Iranian regime. ④ Strait of Hormuz 1. Iran—① Sources: Iran is considering suspending its shipping in the Strait of Hormuz to avoid undermining peace talks. 2. US—① US officials: The Strait of Hormuz is not being completely blocked; only ships entering and leaving Iranian ports are being targeted. ② US officials: More than 20 merchant ships have passed through the strait in the past 24 hours. ③ Vance on Iran closing the Strait of Hormuz: We can play this game too. ④ US Central Command: More than 10,000 US troops, more than ten warships, and dozens of aircraft are carrying out the mission of blocking Iranian ports. No ships have broken through the US blockade in the first 24 hours. 3. Other—① Iranian Ambassador to India: Indian oil tankers passing through the Strait of Hormuz have not paid passage fees to Iran. ② Sources: A meeting on the Strait of Hormuz, led by France and the UK, will explore the possibility of taking economic measures against Iran if the strait remains closed. ⑤ Ceasefire Negotiations 1. Trump: Talks with Iran "may be held in Pakistan within the next two days." 2. Iran—① An official from the Iranian Embassy in Pakistan stated that a new round of US-Iran talks may be held this week or early next week. Iran will prioritize Islamabad as the location for the new round of talks. ② Iranian lawmakers: Will continue to participate in negotiations while thwarting US plots. ③ Iranian Foreign Minister Araghchi and Omani Foreign Minister discussed the ceasefire and talks. 3. Pakistan—① Pakistani sources said Pakistan is calling for a 45-day extension of the US-Iran ceasefire. ② Pakistani President: Pakistan will strive to ensure the sustainability of the US-Iran peace process. ③ Pakistani Foreign Ministry: We invite the US and Iran to Islamabad for a second round of talks, but the date and time have not yet been determined. 4. Others—① The UN Secretary-General said the US and Iran are very likely to restart peace talks. ② Macron said he has spoken separately with the leaders of the US and Iran, calling for a swift resumption of negotiations and ensuring the implementation of the ceasefire. ⑥ Other Situations: 1. Russian Security Council: The US and Israel may be using negotiations to prepare for ground operations against Iran. 2. According to NBC News, citing an official, Lebanon and Israel agreed during the talks that Hezbollah should be completely disarmed and that Iran should no longer be allowed to influence Lebanons future. 3. Qatari Foreign Ministry spokesperson: There has absolutely been no discussion between Qatar and Iran regarding paying funds to prevent Iranian attacks on Qatar; any claims of such discussions are untrue.According to the network monitoring website DownDetector, user reports indicate that X is experiencing a malfunction within the United States.World Bank President: The World Bank may provide $80 billion to $100 billion in financing to countries severely impacted by the Middle East wars over the next 15 months.European Central Bank President Christine Lagarde will speak in ten minutes.

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.