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September 2nd - The State Intellectual Property Office announced that a media briefing for the 15th China Intellectual Property Annual Conference will be held this morning. The 15th China Intellectual Property Annual Conference will be held in Beijing from September 8th to 9th, focusing on the theme of "Striving to Promote High-Quality Development of Intellectual Property Undertakings during the 15th Five-Year Plan Period," and will cover key topics such as intellectual property protection and utilization, cutting-edge fields like artificial intelligence, enterprise innovation and development, and international exchange and cooperation.September 2nd - According to foreign media citing sources familiar with the matter, AI programming startup Cognition AI is about to complete a new round of financing, which will boost its valuation to approximately $47 billion. Sources revealed that the companys latest round of financing is approximately $1 billion. One source indicated that due to the much higher-than-expected demand for this round of financing, the final size of the funding round may exceed $1 billion. He added that Cognition has received nearly $10 billion in investment intentions. Sources indicated that negotiations are still ongoing, and specific details are still subject to change.The U.S. State Department is working with Congress to provide $60 million to help Pacific island nations cope with the ongoing global energy crisis.September 2nd - According to foreign media citing sources familiar with the matter, Nvidia (NVDA.O) is in advanced talks to acquire artificial intelligence startup Hugging Face in a deal worth approximately $14 billion. One source indicated that Nvidia could reach an agreement as early as this week to acquire Hugging Face for $12.9 billion. The source stated that the deal may include a $1 billion employee retention program. The sources also indicated that no final agreement has been reached, and the timing and specific terms of the deal are still subject to change. Acquiring Hugging Face would be Nvidias largest move since Jensen Huang expanded the application of artificial intelligence and broadened its customer base. This transaction would give Nvidia control of a key platform where global developers can showcase and share AI models.September 2nd - According to AXIOS, the US military attacked two Iranian government oil tankers as part of a series of military strikes launched on Tuesday. US officials stated that this is the first time the US has targeted Iranian oil tankers in retaliation for Iranian attacks on ships transiting the Strait of Hormuz, whereas previous military actions against Iranian tankers were primarily aimed at preventing violations of the US maritime blockade. A US official stated that this is part of a new "tanker for tanker" policy approved by President Trump, designed to further deter Iranian attacks on tankers passing through the Strait of Hormuz. The attacked Iranian government oil tankers were anchored off the Iranian coast, north of the US maritime blockade line. A US drone fired a missile that struck the tankers engine room. US officials stated that targets also included Iranian Islamic Revolutionary Guard Corps air defense positions, radar systems, mine-laying facilities, communication facilities, anti-ship cruise missile launchers, and attack drone launchers.

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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