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Federal Reserves Daly: Interest rates may remain unchanged; if inflation accelerates, interest rates will need to be raised; if the conflict ends quickly, interest rates may be cut.Federal Reserves Daly: Were currently in a wait-and-see mode, which is a good option.On April 17, US President Donald Trump stated in a phone interview on Friday that Iran has agreed to indefinitely suspend its nuclear program and will not receive any unfreezing funds from the United States. Trump said the agreement between the US and Israel with Iran to end the war, which began in late February, is essentially complete. He indicated that negotiations on a lasting agreement "may" take place this weekend. "Most of the key points have been finalized. It will proceed quite quickly." Aside from opening the Strait of Hormuz, Iran has not commented on any agreement, nor on Trumps claims on Thursday that Iran has made concessions, including on the crucial issue of its nuclear program. Trump stated that he has not yet decided who will lead the US delegation to meet with Iranian officials to sign an agreement. When asked if he would travel to Pakistan, Trump said, "I might." Furthermore, Trump denied that the suspension of Irans nuclear program would expire in 20 years. When asked if the program would be completely halted, Trump replied, "No time limit, indefinite."Federal Reserves Daly: Before the oil price shock, he thought that one or two rate cuts might be needed in 2026.Federal Reserves Daly: The federal funds rate is currently slightly tight, just above the neutral level of 3%.

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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