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Japans seasonally adjusted current account balance for May was 30.645 billion yen, below the expected 3.2167 trillion yen and the previous months 4.2111 trillion yen.Japans trade deficit in May was 6.9 billion yen, compared to a forecast of -221.9 billion yen and a previous figure of 395.7 billion yen.1. Meta launches Muse image generation tool. 2. Samsung begins mass production of next-generation enterprise-grade SSDs for Nvidias Vera Rubin. 3. SpaceX AI plans to release a new model in collaboration with Cursor as early as Wednesday. 4. Amazon will issue eight tranches of investment-grade bonds, raising at least $25 billion. 5. BrainTiger Technologys "Sanquan" brain-computer interface system initiates GCP registration clinical trials. 6. Ministry of Industry and Information Technology: my countrys humanoid robot production is expected to exceed 100,000 units this year. 7. National Development and Reform Commission: Sales of AI smartphones and AI computers are expected to surpass non-AI products for the first time this year. 8. Alipay AI Open Platform launched; merchants can connect to mobile phones, in-vehicle systems, and AI glasses through "Abao". 9. my countrys first 5-meter-class reusable rocket was transported to the launch pad; the Long March 10B Y1 awaits launch window. According to the Wall Street Journal, the U.S. Department of Agriculture informed the White House of Walmarts (WMT.N) price-cutting plan. Trump tweeted on Monday that this was the result of government pressure. Minutes later, Walmart issued a press release stating that it would lower prices on thousands of items to help consumers.July 8th - According to foreign media reports, Samsung Electronics has begun mass production of its most advanced data center storage hard drive, which will be used in NVIDIAs (NVDA.O) upcoming Vera Rubin platform. This enterprise-class solid-state drive, named PM1763, was first announced earlier this year at NVIDIAs GTC conference. Samsung also showcased its next-generation high-bandwidth memory (HBM4) and low-power SOCAMM2 modules at the time, as part of a comprehensive solution for AI data centers. Samsung stated on Wednesday that the PM1763 features the companys latest V-NAND flash memory chips and a newly developed 4nm controller, offering read and write speeds more than double that of its predecessor. The PM1763 is designed to reduce data latency for advanced processors and AI accelerators. To maintain high-speed performance during AI training and inference, the drive employs a liquid-cooling design.

USD/CAD declines to 1.3500 on firmer Oil prices, BoC concerns over US inflation, and Fed Minutes

Daniel Rogers

Apr 10, 2023 14:35

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The USD/CAD maintains losses close to 1.3500, shattering a four-day winning trend, as traders brace for key Easter Monday data/events on major bourses. However, the recent decline in the Loonie-U.S. dollar exchange rate may be due to the increase in the price of WTI petroleum oil, Canada's primary export. In contrast to the recent increase in ardent Fed forecasts, the Bank of Canada's (BoC) dovish bias poses a challenge to pair sellers.

 

After increasing for three consecutive weeks, WTI crude oil prices gain 0.61 percent intraday near $80.00. Recent increases in the price of black gold may be due to geopolitical concerns surrounding China and Taiwan. In addition to the supply cut by OPEC+ and the faltering US dollar, the energy benchmark is sustained by the supply cut by OPEC+ and the weakening US dollar.

 

However, the US Dollar Index (DXY) has fallen for three consecutive weeks and is under pressure near 102,000.

 

Fears of higher Fed rates versus inaction from the Bank of Canada (BoC) grew after the upbeat US Jobs report versus the lack of significant positives in the March Canadian jobs report.

 

As a result, the CME's FedWatch Tool indicates a 69% chance of a 0.25 basis point rate hike in May, up from 55% prior to the US employment report.

 

Canada's headline Net Change in Employment increased to 34.7K in March from 21.8K in February, compared to the market consensus of 12K, while the Unemployment Rate came in at 5% versus the analysts' estimate of 5.0%. During the specified month, the Participation Rate decreased to 65.6% from the expected and previous rate of 65.7%. In addition, the average hourly wage fell 5.2% year-over-year in March, down from 5.5% in February.

 

In contrast, the US Bureau of Labor Statistics (BLS) reported that Nonfarm Payrolls (NFP) increased by 236K in March, the lowest increase since January 2021 (considering revisions), compared to the expected 240K and the previous 330,000. Additionally, the unemployment rate fell from 3.6% to 3.5%, while the labor force participation rate rose from 62.6% to 62.6%. The annual wage inflation rate decreased from 4.6% to 4.2%, below market expectations of 4.3%.

 

Futures on US equities ended higher, but yields remain under pressure ahead of the crucial BoC monetary policy meeting, US inflation, and Fed Minutes. Given the dovish concerns from the Bank of Canada (BoC) and the likely hawkish comments in the FOMC Minutes, the USD/CAD may see additional gains, barring any unexpected developments.


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