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April 29th - The 10th Chief Negotiators Meeting of the Working Group on Chinas Accession to the Digital Economy Partnership Agreement (DEPA) was held in Seoul, South Korea, from April 27th to 28th. China exchanged in-depth views with DEPA members including Chile, New Zealand, Singapore, and South Korea on the negotiation process for Chinas accession and held detailed discussions on related issues.On April 29th, the China Multimodal Transport Development Alliance was established in Beijing. Led by China State Railway Group Co., Ltd., and jointly initiated by four leading state-owned enterprises in the logistics sector—China COSCO Shipping Corporation Limited, China Merchants Group Limited, China Logistics Group Co., Ltd., and China Digital Logistics Information Co., Ltd.—the alliance will jointly build three collaborative platforms for rail-water intermodal transport, rail-road intermodal transport, and technological innovation, as well as the 95306 national multimodal transport service hotline, to promote the high-quality development of multimodal transport. The alliances website was also launched simultaneously.According to the Iranian Students News Agency, Yemen has reiterated Irans right to control the Strait of Hormuz. The Yemeni Foreign Ministry on Wednesday condemned US piracy in the Gulf of Oman and emphasized that attacks on Iranian merchant ships and the detention of their crews violate international law.New Zealand Prime Minister: The free trade agreement signed with India is very exciting. It will create jobs, raise wages, and provide more opportunities for New Zealand.Kingboard Laminates (01888.HK) rose more than 8% after the company issued a price increase notice, raising the prices of FR-4 copper clad laminate and PP prepreg by 10% effective immediately.

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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