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On September 10, He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, attended and addressed the opening ceremony of the Ministerial Forum on International Cooperation in Mining and the 2026 China International Mining Conference in Tianjin. He Lifeng pointed out that international cooperation in mining is an important vehicle for achieving complementary advantages among countries and promoting economic and social development, and it is also a practical need for maintaining the security and stability of the global supply chain. China has always fully respected the mineral resource sovereignty of all countries, supported each country in independently choosing resource development and industrial development paths suited to its national conditions, and is willing to deepen all-round pragmatic cooperation with all countries, share opportunities for mining development, and jointly create a bright future for a mutually beneficial, win-win, green, and prosperous global mining industry. During his stay in Tianjin, He Lifeng also inspected the construction and operation of the Sino-Singapore Tianjin Eco-City, the Tianjin Binhai-Zhongguancun Science and Technology Park, the national-level economic and technological development zone, and the comprehensive bonded zone.European Central Bank President Christine Lagarde: It is impossible to predict what the next step will be.European Central Bank President Christine Lagarde: There is nothing to announce regarding my future work arrangements.On September 10th, Deutsche Banks chief European economist, Mark Wahl, stated that despite rising inflation risks, the European Central Bank (ECB) should proceed with caution if it intends to raise interest rates again before the end of the year. The ECB raised its key interest rate by 25 basis points to 2.5% on Thursday. Wahl noted that a rate hike in December now seems highly likely. However, despite the economys resilience over the past six months, the sharp rise in natural gas prices indicates a negative supply shock is building. He said, "This will eventually hurt economic growth. The question is how much damage it will cause and when it will manifest."ECB President Christine Lagarde: The ECB will fulfill its responsibilities.

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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