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US Vice President Vance: Trump has mentioned lifting sanctions. He also talked about things like economic cooperation. But unless Iran makes a clear commitment to cease any activities that bring it closer to developing nuclear weapons, that wont happen.On April 9th, U.S. stocks closed higher on Wednesday. The Dow Jones Industrial Average rose 2.85%, the S&P 500 gained 2.5%, and the Nasdaq Composite climbed 2.8%. Intel (INTC.O) surged 11%, SanDisk (SNDK.O) climbed nearly 10%, Nvidia (NVDA.O) gained 2%, while Tesla (TSLA.O) bucked the trend, falling 1%. The Nasdaq China Golden Dragon Index rose 3%, and Alibaba (BABA.N) gained 4.6%.April 9th - Several market experts stated on Wednesday that although wholesale fuel prices have fallen somewhat after Trump announced a two-week ceasefire in the Iraq War, American consumers will still pay high prices for gas and airline tickets during the peak summer travel season. The drop in crude oil prices is unlikely to quickly alleviate pressure on gas station prices, and the fragile ceasefire has already shown cracks. Shon Hiatt, director of the Zage Energy Business Program at the USC Marshall School of Business, said, "There is still a lot of uncertainty surrounding the practical implications of the ceasefire and when and how fuel will be able to pass through the Strait of Hormuz again. In this situation, retailers will not significantly lower prices." He added that, in any case, retail fuel prices tend to rise much faster than they fall, as sellers need to digest high-priced inventory and avoid losses until future supply becomes more certain. GasBuddy analyst Patrick De Haan said, "If the situation stabilizes now, by this time next week, the average gasoline price across the US could fall by 5 to 10 cents per gallon." Alex Hodes, head of energy market strategy at StoneX, said that regardless of whether the ceasefire continues, insurance costs will be higher than pre-war levels, and ships will be cautious about passing through the waterway.US Vice President Vance: I wonder how good the Iranian parliament speakers English comprehension is.US Vice President Vance: Sanctions will not be lifted if Iran develops nuclear weapons.

As investors anticipate BOC and US Inflation, USD/CAD falls toward 1.2900

Jul 11, 2022 11:32

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The USD/CAD pair is trading below the important support level of 1.2960 as investors support the Canadian dollar against the U.S. dollar on the strength of positive Canadian unemployment statistics. On a larger scale, the pair has depreciated progressively after retesting the key resistance level of 1.3083 on Wednesday.

 

The unemployment rate in Canada came in at 4.9%, below both estimates and the previous announcement of 5.1%. This has encouraged the Bank of Canada (BOC) to raise its interest rates on Wednesday by a reasonable amount. According to market consensus, the BOC may issue a 75-basis-point rate rise (bps). The occurrence of the same will increase the official interest rate to 2.25 percent.

 

Tiff Macklem, the governor of the Bank of Canada, is obligated to announce a significant interest rate increase due to the escalating inflationary pressures in the Canadian economy. May's inflation rate in Canada was 7.7 percent, a significant increase from the 6.8 percent figure reported in April.

 

On the dollar front, the US dollar index (DXY) has seen a little recovery at the opening. The DXY will stay on edge until Wednesday, when the US Consumer Price Index (CPI) will be released. The preliminary estimate for US inflation is 8.7%, which is 10 basis points (bps) higher than the previous estimate of 8.6%. A higher inflation reading will increase the likelihood that the Federal Reserve (Fed) would adopt an extremely hawkish posture at its monetary policy meeting in July.

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