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On April 4th, it was reported that TrueEV, XPengs exclusive distributor in Australia, entered administration (bankruptcy management) proceedings, drawing attention. XPeng responded that during the past two years of cooperation, it learned through various channels that TrueEV had experienced a broken cash flow and was under the control of its financing party, and had not purchased any vehicles for over a year, failing to fulfill order obligations including 454 cars. TrueEV also had a public business conflict with local dealers, severely damaging the foundation of trust between the two parties. Therefore, in accordance with the cooperation agreement, XPeng formally issued a breach of contract notice to TrueEV, terminating its exclusive distributorship, but retaining its distributorship status. However, TrueEV denied the aforementioned operational problems and instead pursued legal action against XPeng. The Australian court rejected its injunction application on April 1st. XPengs goal going forward is to establish itself in Australia within the next three years as a technology brand that is not only technologically advanced but also trustworthy in terms of user experience.On April 4th, it was reported that the international standard proposal for "DC Filter Capacitors for High Voltage Direct Current Transmission Systems," initiated by my country, was recently approved by the International Electrotechnical Commission (IEC). This standard is the first international standard specifically addressing DC filter capacitors in the field of high voltage direct current transmission, filling a gap in related professional standards. The standard was led by Chinese experts, with participation from experts from Italy, France, Germany, and other countries. The development of this standard will facilitate the sharing of advanced technological concepts of Chinas core high voltage direct current transmission equipment with the world, contributing more Chinese strength to global energy transition and power system upgrading.April 4th - Data released by the General Statistics Office of Vietnam shows that Vietnams economy slowed compared to the previous quarter due to heavy reliance on Middle Eastern oil imports. Vietnams GDP grew by 7.83% in the first quarter, lower than the 8.46% in the fourth quarter of last year. The Vietnamese governments growth target for this year is no less than 10%, but this target is currently under pressure. Vietnam imports over 80% of its crude oil from the Middle East, and oil shipments from the region have been disrupted due to the conflict with Iran. Rising fuel prices have forced Vietnamese airlines to scale back operations and prompted authorities to introduce cost-control measures, including reducing fuel taxes, subsidizing prices through government-controlled funds, and encouraging remote work to reduce consumption.Note: Vietnams March trade balance and March import year-on-year rate have not yet been released.April 4th - According to China State Railway Group, the national railway system is expected to transport 21.9 million passengers today (April 4th), with 1,173 additional passenger trains planned. Yesterday, the national railway system transported 18.252 million passengers, with transportation proceeding safely, smoothly, and orderly.

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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