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SpaceX: 27 Starlink satellites have been confirmed for deployment.On September 20th, an official from the Ministry of Industry and Information Technology (MIIT) stated that my country will further optimize the management of the automotive industry and thoroughly regulate the competitive order of the industry. At the 2026 China Automotive Industry Development International Forum, the MIIT official stated that while the competitive order in the domestic automotive market has improved, irrational competition still exists. Going forward, my country will further optimize industry management, deeply promote actions to improve product consistency and quality, and firmly safeguard product safety. A special action plan to improve automotive standards will be implemented to fully leverage the role of standards in guiding industrial upgrading.On September 20, Yang Sheng, Deputy Director of the National Medical Products Administration, stated at a press conference held by the State Council Information Office that during the 15th Five-Year Plan period, opinions on improving the drug safety responsibility system will be issued, the revision of laws and regulations such as the Medical Device Administration Law and the Regulations on the Protection of Traditional Chinese Medicine Varieties will be promoted, the Implementing Regulations of the Drug Administration Law will be fully implemented, supporting systems will be improved, an action plan for improving drug and medical device standards will be implemented, the 2030 edition of the Chinese Pharmacopoeia will be compiled, prioritizing the inclusion of essential drugs, drugs covered by medical insurance, and high-risk preparations, and research and formulation of standards in cutting-edge fields such as brain-computer interfaces will be strengthened, so as to drive quality improvement through standard upgrades.On September 20th, at a press conference held by the State Council Information Office, Shu Wei, spokesperson and deputy director of the State Administration for Market Regulation, stated that during the 15th Five-Year Plan period, the government will improve the food safety responsibility system, strengthen the whole-chain supervision mechanism, enhance food safety risk prevention and control in key areas, fully implement "Internet + AI" supervision, improve the quality and efficiency of food sampling inspections, and ensure early detection and handling of potential risks. The government will also improve drug safety assurance levels, refine the drug safety responsibility system, and support the innovative development of the pharmaceutical industry.According to Politico: US President Trump has asked the budget director to draft an executive order to bring health research funding under his control.

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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