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On Wednesday, June 17, the Hang Seng Index opened 1.9 points higher, or 0.01%, at 24,495.85; the Hang Seng Tech Index opened 21.87 points lower, or 0.47%, at 4,636.78; the H-share Index opened 5.35 points lower, or 0.06%, at 8,234.7; and the Red Chip Index opened 9.28 points lower, or 0.22%, at 4,240.87.Hong Kong stocks opened higher, with the Hang Seng Index up 0.01% and the Tech Index down 0.47%. New Oriental (09901.HK) rose more than 2.6%, while China Biopharmaceutical (01177.HK) and Alibaba (09988.HK) both rose more than 1%.Hang Seng Index futures opened 0.16% higher at 24,512 points, a premium of 6 points.June 17th - According to the China State Railway Group, a new train schedule will be implemented nationwide starting from 00:00 on July 1st, further improving transport capacity and efficiency. After the schedule adjustment, 12,174 scheduled passenger trains will be available nationwide, an increase of 106 trains compared to the current schedule. Utilizing the soon-to-be-opened Xian-Xian high-speed railway (Xian East to Shiyan East section), 58 high-speed trains will be scheduled to run from Xian East (Xian North) to Nanyang East, Hankou, Chongqing North, and other destinations, further strengthening connections between Northwest China and Central, South, and Southwest China, and shortening travel time.On June 17th, SK Hynix announced that it will eliminate all educational requirements and launch a rolling recruitment process for entry-level positions. With increasing competition in the AI semiconductor field, SK Hynix stated that it will now select talent based on actual work ability and growth potential, rather than solely on academic background. Previously, SK Hynixs job postings stipulated that "applicants must have at least a four-year bachelors degree." With the removal of this requirement, applicants can apply regardless of their educational background, as long as their work experience, job skills, and fit with the company culture meet the requirements of the position.

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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