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On July 14th, US President Trump stated on July 13th local time that the US is protecting several wealthy Middle Eastern countries and therefore should receive compensation from them for the costs incurred. Trump specifically named Saudi Arabia, the UAE, Qatar, Bahrain, and Kuwait, claiming the US is maintaining the security of these countries, as well as Israel. He stated that the US invests funds in the region, therefore it is appropriate for the protected countries to share the costs. Trump also stated that the US possesses abundant oil resources, "including oil from Venezuela and other places, the US controls more than half of the worlds oil supply," therefore the US itself "does not depend on Middle Eastern oil"—the USs actions in the Middle East are "primarily to protect allies."The UAE Ministry of Defense reported that one Indian crew member died and eight others were injured on the oil tanker. The fires on both tankers are under control. The UAE reserves the right to a full response to any escalation of the situation.The UAE Ministry of Defense stated that two UAE oil tankers were attacked by two Iranian cruise missiles in the southern Strait of Hormuz. The attack occurred within Omani territorial waters.July 14 - The UKs Office for Maritime Trade Operations reported receiving a report of an incident 40 nautical miles northeast of Karhart, Oman. The tanker captain reported that the starboard side of the engine room was struck by an unidentified projectile. All crew members are safe and there has been no environmental impact.According to a Reuters/Ipsos poll, 79% of Americans believe that U.S. military intervention in Iran will last for an extended period.

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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