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On April 20, Zheng Shanjie, Secretary of the Party Leadership Group and Director of the National Development and Reform Commission, published an article in the Peoples Daily entitled "Continuously Enhancing National Economic Security Capabilities to Safeguard the New Development Pattern with a New Security Framework." The article states that it is necessary to improve mechanisms for countering sanctions, interference, and "long-arm jurisdiction" to prevent and counter extreme external containment and suppression. It also emphasizes strengthening trade risk prevention and control, improving export control and security review mechanisms, and protecting the rights and interests of foreign investors in accordance with the law. Furthermore, it stresses adhering to the principle of "not going to dangerous areas, not going to chaotic areas, and not investing in dangerous industries," continuously strengthening the protection of overseas interests and risk prevention and control, establishing and improving coordination mechanisms for regional security work, improving the security guarantee system for the Belt and Road Initiative, and effectively safeguarding the safety and legitimate rights and interests of Chinese citizens, organizations, and institutions overseas.Dutch near-month natural gas contracts rose more than 8% to €42.05 per megawatt-hour.SK Hynix: Begins production of SOCAMM2 chips designed specifically for NVIDIA Vera Rubin chips.Jia Yueting: Faraday Future (FF) has secured $45 million in funding from a medium-to-large-sized institutional investor in the United States, and the funds were fully received on the same day.The UKs Rightmove average asking price index for houses fell 0.9% year-on-year in April, compared with a previous reading of -0.20%.

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.


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