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Intel (INTC.O) announced on Thursday, April 17th, that it has hired Shawn Han, a veteran of Samsungs foundry business, to bolster its foundry operations. The company stated that Shawn Han has over 10 years of experience in commercial wafer foundry, having worked on chip manufacturing processes since 1996. Under the leadership of CEO Li-Wu Chen, Intel is seeking to revitalize its manufacturing business after years of operational challenges. Intels foundry division is working to secure major customers for its next-generation 14A process technology.On April 17th, a memo revealed that the U.S. government is preparing to provide a version of Mythos, an artificial intelligence model developed by Anthropic, to major federal agencies, with enhanced security measures in place, to address concerns that the tool could significantly increase cybersecurity risks. In an email sent Tuesday to cabinet departments, White House Office of Management and Budget (OMB) Federal Chief Information Officer Barbasilia stated that the OMB is establishing safeguards to enable agencies to begin using this highly restricted AI tool in the future. The email did not specify whether agencies would have access to Mythos, nor did it provide a specific timeline or usage method. It only informed heads of technology and cybersecurity departments that more information was expected "in the coming weeks." Currently, Anthropic has only made Mythos available to a limited number of technology companies and financial institutions, encouraging them to use it to assess their own cybersecurity risks. Due to concerns that hackers could exploit the models capabilities to steal data or compromise systems, the company has strictly limited its distribution.On April 17th, US President Trump stated that he expects a deal with Iran to be announced soon, claiming it would bring the US "free oil" and a "free Strait of Hormuz." When asked about the economy and oil prices, Trump said that current oil prices are lower than previously expected. He said, "If you look at the price of oil and the price were paying, its about half of what people were originally expecting, provided you do what I have to do." He added, "I think the negotiations are going very well right now, and if its done, it will be announced very soon, which will give us free oil and a free Strait of Hormuz. Everything will be great, and I think oil prices will be even lower than before."According to Futures News on April 17, as of the close of trading at 2:30 PM, the main Shanghai Gold futures contract fell 0.57%, the main Shanghai Silver futures contract fell 1.41%, and the main SC crude oil futures contract rose 1.28%.April 17th - As of 2:30 PM closing, the Shanghai Gold futures contract fell 0.57% to 1054 yuan/gram, the Shanghai Silver futures contract fell 1.41% to 19524 yuan/kilogram, and the SC Crude Oil futures contract rose 1.28% to 639 yuan/barrel.

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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