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South Koreas unadjusted current account was US$10.14 billion in May, compared with US$5.7017 billion in the previous month.July 4th, the U.S. Congress approved comprehensive tax and budget legislation on Thursday, which means that the $7,500 tax credit for buying or leasing a new electric vehicle will end on September 30, as will the $4,000 credit for used electric vehicles. These tax credits have benefited electric vehicle sales in recent years. The U.S. Congress first approved the $7,500 electric vehicle tax credit in 2008 and phased it out after automakers produced 200,000 electric vehicles. In 2022, the incentive was expanded to leased vehicles and the cap on each manufacturer was removed. Dan Levy, an auto analyst at Barclays Bank, said that phasing out the tax credit in less than three months means that electric vehicle sales will jump sharply through "pre-purchase" and then fall sharply in the following months.On July 4, a spokesperson for the Ministry of Foreign Affairs of North Korea made a statement on July 3, local time. The statement said that the United States recently took the opportunity of the "Quadrilateral Security Dialogue" Foreign Ministers Meeting to once again carry out serious political provocations, deny North Koreas legitimate sovereignty, and reiterate "denuclearization". The United States hegemonic behavior of relying on a minority of xenophobic groups to interfere in the internal affairs of independent sovereign countries, incite camp confrontation, and cause instability in international relations is a major dangerous factor hindering regional and world peace and security. The Ministry of Foreign Affairs of North Korea strongly condemns and opposes the United States brutal infringement on North Koreas dignity and rights, as well as its hostile consciousness towards North Korea, and expresses serious concern about the adverse consequences that this move will lead to.Barclays: We forecast that U.S. oil demand will grow by 130,000 barrels per day this year, 100,000 barrels per day higher than previous estimates.US President Trump: Iran wants dialogue.

As Investors Anticipate a 25 Basis Point Fed Rate Hike, USD/CAD Corrects To Near 1.3700

Daniel Rogers

Mar 22, 2023 15:17

USD:CAD.png 

 

The USD/CAD pair is evidencing a corrective movement after failing to sustain a recovery above 1.3740 during the Asian session. Following a decline in Canada's inflation data, the Canadian dollar rebounded strongly from Monday's level of 1.3660. The falling Canadian Consumer Price Index (CPI) data confirmed that the Bank of Canada (BoC) could maintain its current policy stance.

 

Governor Tiff Macklem of the Bank of Canada maintains the status quo because he believes that the monetary policy is sufficiently restrictive to achieve price stability. However, BoC Macklem has left the door open for additional increases if the plan for reducing inflation fails.

 

Statistics Canada reported that the monthly inflation rate has increased by 0.4%, which is less than both the consensus estimate of 0.6% and the previous release of 0.5%. The headline CPI declined from 5.4% (consensus) and 5.8% to 5.2%. (previous release). The annual core CPI, which excludes the costs of fuel and food, decreased to 4.7% from 5.0%, but remained above the 4.4% forecast. The Bank of Canada, which has already increased interest rates to 4.5%, found the overall decline in inflation to be quite impressive.

 

In the interim, S&P500 futures are performing unfavorably after two days of intense buying. The odds favor the Federal Reserve increasing interest rates by 25 basis points (bps) for the second consecutive meeting. (Fed). As concerns of banking sector turmoil persist, the US Dollar Index (DXY) struggles to maintain its position above 103.20. In addition, analysts from UBS believe that tighter credit standards, economic contraction, and falling inflation could prompt the Fed to reduce interest rates this year.


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