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On September 8th, U.S. Treasury Secretary Benson was interviewed by NBC News. He was asked, "During former President Bidens administration, the U.S. economy did add nearly 500,000 manufacturing jobs. Then, starting in April, manufacturing jobs began to decline again." Does this pose a problem for your policies? Benson replied that this week, they will receive a revised report for last year (covering the period from April of last year to the end of March of this year). And it could show a downward revision of up to 800,000 jobs. This would be the second downward revision. So, Im not sure the people who collect the data are doing a good job. Secondly, what were seeing is that the jobs being created are either going to native-born or legal U.S. citizens, while the majority of jobs created under the Biden administration are going to illegal immigrants.U.S. Special Envoy to Ukraine John Kellogg said on Sunday that Russias latest attack on Kyiv was not a sign it wanted a diplomatic end to the conflict. "Russia appears to be escalating, launching the largest attack on the Ukrainian Cabinet Office in Kyiv since the beginning of the war," he said.Mercedes-Benz CEO: The EU and the US are working to reduce tariffs on US car imports and hope to issue an executive order as soon as possible.On September 8th, local time, Bloomberg reported on the 7th that a U.S. Department of Homeland Security spokesperson said that federal immigration enforcement officers conducted raids in Boston, Massachusetts and surrounding communities, arresting dozens of people. Reuters also reported on the same day that the Trump administration also plans to conduct immigration enforcement against more businesses.Angola plans to launch its next round of oil licensing bidding in the fourth quarter to maintain crude oil production above 1 million barrels per day (bpd). This bidding round will be the final under a multi-year strategy launched in 2019 to grant 50 oilfield development rights to Africas third-largest crude producer. "Our goal is to achieve 1 million bpd next year," Minerals, Oil, and Gas Minister Diamantino Azevedo said in a statement on Sunday. "Most of our countrys oilfields have mature wells, and the solution is to find new reservoirs." This round of bidding is part of the governments efforts to attract investment in the oil industry. In July, Angolas daily crude oil production fell below 1 million bpd for the first time since its exit from OPEC in 2023.

USD/CAD slips below 1.2870 as the DXY struggles above 104.000 and oil prices reach $110,000

Daniel Rogers

Jun 28, 2022 14:13

 截屏2022-06-28 上午10.15.54.png

 

After falling below the critical support level of 1.2870, the USD/CAD pair has declined to about 1.2860. As oil prices have extended their recovery and are currently trading over the psychological resistance of $110.00, it is expected that the asset will continue its losses and finish below 1.2860.

 

Notable is the fact that Canada is the United States' largest oil exporter. Therefore, higher oil prices lead to greater cash flows into Canada. Instead of focusing on advanced recession concerns, investors have decided to support current supply constraints, resulting in a strong oil price recovery.

 

After Western leaders banned Russian oil imports, the OPEC cartel is attempting to settle supply issues. Saudi Arabia and the United Arab Emirates (UAE) are the only OPEC members able to considerably expand the global oil supply. Both countries are seeing high prices and ample supply.

 

In the meanwhile, the US dollar index (DXY) fails to firmly above the 104.00 round-level barrier. As rapidly as the Federal Reserve (Fed) raises interest rates, concerns of a recession intensify. In its monetary policy statement for July, the Fed will certainly hike interest rates to at least 2 percent. A two percent interest rate is sufficient to restrict market liquidity in the United States. This will force the corporate sector to prioritize very selected investment projects, resulting in an extended drop in labor demand.


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