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On September 13th, it was reported that the summit originally scheduled for July 22nd, aimed at finalizing a reset agreement for the UK-EU relationship after Brexit, was postponed. The two sides subsequently quietly set the meeting date for November 6th. However, the Financial Times, citing two EU officials, stated that this date has now been postponed again, and the earliest it could be reached is the end of November. British officials insist that the summit should discuss new British Prime Minister Andy Burnhams concerns about the "Make in Europe" plan. This plan proposes prioritizing spending by some public sector and businesses on purchasing EU-made products, a move the British government fears will negatively impact British industries such as automobiles and chemicals.According to IRNA, sources say that sirens were sounded and explosions were heard in the southern Saudi city of Khamis Mushait and Abha.Saudi Arabias Civil Defense: The danger alert for the Khamis Mushait region has been lifted.On September 13, Wang Yi stated that the visit was pragmatic, efficient, precisely targeted, and fruitful, achieving complete success and realizing three strategic goals. First, it enhanced the effectiveness of BRICS cooperation. Twenty years ago, Brazil, Russia, India, and China held their first foreign ministers meeting during the UN General Assembly, marking the beginning of BRICS cooperation. Guided by the BRICS spirit of openness, inclusiveness, and win-win cooperation, the BRICS countries transformed their differences into a driving force for mutually beneficial cooperation, regarding their individual successes as the cornerstone of common development, forming a comprehensive and multi-layered cooperation framework, and becoming a veritable leading force in the Global South and the primary platform for South-South cooperation. Second, it empowered the Global South. The rise of the Global South is a clear sign of the great changes in the world. At the same time, the current international governance system is not adapted to the changing times; the representation and voice of the Global South countries are severely insufficient, and their legitimate demands have not received due attention. This imbalance has not only hindered the pace of development of developing countries but also weakened the international communitys ability to work together to address common challenges. The world expects BRICS countries to better represent and safeguard the common interests of the Global South and play a greater role in reforming and improving global governance. Thirdly, it guides China-India relations. Following the Kazan and Tianjin meetings, President Xi Jinping and Prime Minister Modi held another bilateral meeting, which attracted widespread international attention. Under the strategic guidance of the two leaders, China-India relations have gradually emerged from their low point, moving from a "restart" to a "re-elevation," with cooperation lists continuously expanding, trade volume reaching new highs, and people-to-people exchanges becoming more active. The improvement and development of China-India relations is not only welcomed by the more than 2.8 billion people of both sides, but is also an essential aspect of strengthening cooperation in the Global South.Saudi Arabias Civil Defense has issued an emergency alert to Khamis Mushait and Abha, warning residents of potential dangers.

USD/CAD Bears In Control And Aiming At Support Zone Lows

Alina Haynes

Apr 04, 2023 13:53

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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.