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On April 13th, the General Office of the Ministry of Industry and Information Technology issued a notice on strengthening industrial and information technology quality work in 2026. The notice emphasizes strengthening quality supervision and management. It calls for collaborative efforts in central quality and food safety assessments, cooperation in national product quality supervision and spot checks, and conducting quality inspections of key products such as lithium batteries, photovoltaic modules, civilian explosives, and radio transmitting equipment. It also stresses strengthening supervision and inspection of the consistency of production of road motor vehicles. Furthermore, it encourages e-commerce platforms to issue self-declarations of product quality, increases the intensity of spot checks, and enhances consumers ability to distinguish quality. Finally, it emphasizes leveraging the role of public quality supervision, advocating for the concept of "high quality, high price," and effectively protecting consumers legitimate rights and interests.On April 13th, the General Office of the Ministry of Industry and Information Technology issued a notice on improving industrial and information technology quality in 2026. The notice proposes implementing differentiated policies to promote the quality improvement of key products in the manufacturing industry. It calls for promoting the development of quality grading standards for key products in key industries, and improving the mechanisms for releasing and accepting quality grading standards. It also calls for developing and releasing industry standards for raw materials, testing methods, and technical specifications, promoting higher mandatory standards in key materials fields, advancing green building materials product certification, and improving the quality and efficiency of raw materials. Furthermore, it emphasizes accelerating the construction of high-level intelligent factories and strengthening the development of scenarios for precise quality traceability, quality analysis, and improvement. Finally, it stresses strengthening research on major technological equipment and system integration innovation, and promoting the research, revision, and application of standards for key products in the equipment sector to improve the quality level of equipment products.On April 13th, the General Office of the State Council issued the "Several Measures on Accelerating the Construction of a Hierarchical Medical System." This morning, the State Council Information Office held a regular policy briefing to interpret the document. Zheng Zhe, Vice Minister of the National Health Commission, stated that the Commission will work with relevant departments to implement financial subsidies for medical and health institutions that conform to regional health planning, improve the salary system to meet the development requirements of closely integrated medical consortia, promptly include eligible primary healthcare institutions in the medical insurance designated provider management system, and optimize policies such as differentiated payment for basic medical insurance and medical service pricing to provide stronger guarantees for hierarchical medical services.The CIA used Israeli-made Pegasus software to conduct a deception operation in Iran to rescue a downed American pilot. This spyware, widely used by the CIA, is primarily used for hacking devices, eavesdropping on communications, and secretly collecting data.BEIJING, April 13 (Xinhua) -- Vietnams National Assembly Office announced on April 12 that, in order to stabilize domestic oil prices, it has decided to extend the suspension of fuel tax collection from the previously announced April 15 to the end of June. According to the statement from the National Assembly Office, the National Assembly has passed a resolution to continue the suspension of environmental protection tax and special consumption tax on fuel consumption. The Vietnamese government had previously announced the suspension of environmental taxes and special consumption tax on gasoline, diesel, and aviation fuel from March 27 to April 15. The Ministry of Finance stated that this would reduce national revenue by 7.2 trillion VND (approximately US$273 million) per month.

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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