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On April 27, according to the Korean Central News Agency (KCNA), Kim Jong Un, General Secretary of the Workers Party of Korea and Chairman of the State Affairs Commission, met separately with visiting Russian State Duma Chairman Volodin and Defense Minister Belousov on April 26. Kim Jong Un stated that the victory achieved by the armies and people of North Korea and Russia in the Kursk military operation, fought side-by-side, is a historical event demonstrating the strength and consolidation of the alliance between the two countries. He reiterated that North Korea will, as always, fully support Russias policy of safeguarding its national sovereignty, territorial integrity, and security interests.On April 27, according to the Korean Central News Agency (KCNA), Kim Jong Un, General Secretary of the Workers Party of Korea and Chairman of the State Affairs Commission, met separately with visiting Russian State Duma Chairman Volodin and Defense Minister Belousov on April 26. Kim Jong Un stated that the victory achieved by the armies and people of North Korea and Russia in the Kursk military operation, fought side-by-side, is a historical event demonstrating the strength and consolidation of the alliance between the two countries. He reiterated that North Korea will, as always, fully support Russias policy of safeguarding its national sovereignty, territorial integrity, and security interests.Chart: Precious metals market data for Industrial and Commercial Bank of China accounts on Monday, April 27, 2026.April 27 - A 6.1-magnitude earthquake struck southern Tokachi region of Hokkaido, Japan, on April 27, according to the Japan Meteorological Agency. There is no tsunami risk. The Japan Meteorological Agency said the earthquake occurred at approximately 5:24 a.m. local time (4:24 a.m. Beijing time) on April 27, with its epicenter located at 42.6 degrees north latitude and 143.1 degrees east longitude, and a focal depth of approximately 80 kilometers. According to Kyodo News, there are no reports of casualties. No abnormalities have been reported at the Tomari Nuclear Power Plant in Hokkaido. Some road and rail services have been suspended due to the earthquake.Hong Kong tech stocks saw some gains, with Baidu (09888.HK) rising over 5%, Alibaba (09988.HK) rising over 1%, and other stocks such as Beike (02423.HK), BOSS Zhipin (02076.HK), and NetEase-S (09999.HK) following suit.

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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