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U.S. Redbook retail sales annualized for the week ending May 16 were 8.1%, compared to 9.6% previously.Sources indicate that Airbus plans to implement 10% cost cuts in its aircraft manufacturing division and group headquarters. These cost cuts are intended to address global uncertainties and supply chain issues. The cost cuts will not affect production activities.On May 19th, Youjia Innovation (02431.HK) announced that it recently signed a "Procurement and Long-Term Cooperation Agreement for Unmanned Logistics Vehicles" with Jiangsu Danyang High-tech Zone Industrial Development Co., Ltd. According to the agreement, the Group will utilize second-generation unmanned vehicles without map templates to achieve large-scale delivery and deployment, marking a significant milestone in the commercialization and regional market expansion of the Groups unmanned logistics vehicle business. The agreement stipulates a long-term cooperation agreement for the procurement of 200 unmanned logistics vehicles without map templates, jointly promoting the intelligent upgrading of the logistics industry, improving logistics operational efficiency, and reducing operating costs.The Reform Party has selected Robert Kenyon as its candidate for the Mecklenburg constituency.On May 19th, *ST Sunshine announced that its shares will be suspended from trading for one day starting from the opening of the market on May 20th, 2026, and will resume trading on May 21st. From May 21st, the delisting risk warning will be removed from the companys shares, the stock abbreviation will change from "*ST Sunshine" to "Sunshine Shares", the stock code will remain "000608", and the daily price fluctuation limit will change from "5%" to "10%".

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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