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February 13th - On February 12th, Ling Ji, Vice Minister of Commerce and Deputy Representative for International Trade Negotiations, chaired a roundtable meeting with German-invested enterprises. Representatives from over 60 German companies and associations, including the German Chamber of Commerce and Industry Beijing Representative Office, the German Chamber of Commerce in China, BASF, BMW Group, and Bayer Group, attended the meeting. Relevant departments from the Ministry of Commerce, the National Development and Reform Commission, the State Administration for Market Regulation, the State Intellectual Property Office, and the Cyberspace Administration of China interacted with the German companies, actively responding to their concerns regarding government procurement, intellectual property protection, and optimizing the business environment.Switzerlands January CPI rose 0.1% month-on-month, compared to a forecast of 0% and a previous reading of 0.00%.Switzerlands January CPI rose 0.1% year-on-year, below the expected 0.10% and the previous reading of 0.10%.February 13 – Foreign Ministry Spokesperson Lin Jian held a regular press conference on February 13. According to reports, preliminary vote counts show that the Bangladesh Nationalist Party (BNP) won a majority of seats in the Bangladesh National Assembly elections, and its chairman, Tariq Rahman, son of former Prime Minister Khaleda Zia, is expected to become Prime Minister. A Bloomberg reporter asked about this at the conference. Lin Jian stated that China has noted the smooth and successful holding of the national elections in Bangladesh, with the BNP achieving a significant lead. China supports Bangladesh in advancing its domestic political agenda and is willing to work with Bangladesh to continuously advance the China-Bangladesh comprehensive strategic cooperative partnership.February 13 – Foreign Ministry Spokesperson Lin Jian held a regular press conference on February 13. A Bloomberg reporter asked, “Japan claims it has detained a Chinese fishing vessel and arrested its captain because the vessel attempted to evade inspection after entering Japan’s exclusive economic zone. What is the Foreign Ministry’s comment on this?” Lin Jian stated that the Chinese government consistently requires Chinese fishermen to operate in accordance with laws and regulations, while resolutely safeguarding the legitimate rights and interests of Chinese fishermen. He expressed hope that Japan would strictly abide by the China-Japan Fisheries Agreement, enforce the law impartially, and protect the safety and legitimate rights and interests of the Chinese crew members.

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.