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April 7th - According to the Financial Times, the UK government is considering standardized testing of common AI models used by all UK banks. This comes after the Bank of England issued a warning last year regarding these banks assessment practices. Harriet Rees, Chief Information Officer of digital bank Starling, made the proposal to the Department for Science, Innovation and Technology last month. The proposal aims to reduce duplication and inconsistencies in testing and ensure that US algorithms meet standards. Rees stated, "Given our reliance on US models, testing would reassure the government that they have at least reviewed these models and know that they meet certain standards."Futures News, April 7th: Economies.com analysts latest view: Gold prices fell in recent intraday trading due to a negative signal from the Relative Strength Index (RSI) after reaching overbought territory. Currently, gold prices have returned to the short-term upward correction trendline, attempting to gain positive momentum for a rebound and resumption of the upward trend. This forecast is based on the following factors: prices have continued to trade above the 50-day moving average, forming dynamic support, which increases the likelihood of a short-term rebound. However, prices must hold the nearby support level.According to the Financial Times, the UK is considering testing artificial intelligence models used by banks.According to Al Jazeera, traffic on the King Fahd Bridge, a key bridge connecting Saudi Arabia and Bahrain, has been suspended due to the threat of airstrikes from Iran.April 7th - According to Leapmotor, in March, Leapmotor ranked first in sales in the Italian pure electric vehicle market, with 5,513 vehicles registered in a single month, a year-on-year increase of 2,827%. The cumulative number of vehicles registered in the first quarter of 2026 reached 11,637.

As Oil Bulls Relax And US Inflation Is Monitored, USD/CAD Recovers Around 1.3350

Daniel Rogers

Feb 13, 2023 14:42

 USD:CAD.png

 

The USD/CAD rebounds from a five-week low. After a solid employment report and an increase in oil prices, Loonie bears joined the market. Before the release of the US CPI, aggressive Fed comments and good US data test sellers.

 

After falling the most in five weeks the previous day, the USD/CAD is fluctuating around the middle of the 1.3300s in the early Asian session on Monday. Ahead of US Consumer Price Index (CPI) data, the Loonie/U.S. dollar pair exhibits market consolidation amid mixed US signals.

 

After a strong Canadian employment report and a rise in WTI crude oil prices, the Loonie pair dropped the most since the beginning of January.

 

WTI crude oil reached a new monthly high of $80.48 the day before, despite market rumors that Russia may reduce oil production by 500,000 barrels in March to counter European penalties.

 

The Net Change in Employment for January in Canada increased to 150K from 15K expected and 69.2K revised. The unemployment rate was 5.0%, not 5.1%.

 

As evidenced by BoC Governor Tiff Macklem's dovish comments, the stronger Canadian employment report makes it tougher for the Bank of Canada to pause its rate hike trajectory, benefiting USD/CAD bears.

 

Nevertheless, preliminary US University of Michigan (UoM) Consumer Sentiment for February increased to 66.4 from 65.0 anticipated and 64.9 previously. This month, the UoM announced that inflation forecasts for the coming year jumped to 4.2% from 3.9% in January and 4.4% in December. UoM said that long-term inflation estimates (5-year) stayed at 2.9% for the third consecutive month and remained within a narrow band of 2.9% to 3.1% for 18 of the last 19 months. Friday, the US Bureau of Labor Statistics adjusted the December Consumer Price Index (CPI) from -0.1% to 0.1% based on revised seasonal adjustment variables.

 

Recent contradicting statements from Richmond Federal Reserve (Fed) President Thomas Barkin and the US-China dispute over "unidentified objects" appear to challenge sentiment and boost the USD due to its safe-haven status.

 

S&P 500 Futures decrease as interest rates on US Treasury bonds increase, benefiting the US Dollar and USD/CAD buyers ahead of critical US inflation data.

 

Due to reports of a Fed policy shift, USD/CAD traders should monitor risk catalysts before to the January US Consumer Price Index (CPI) release on Tuesday.


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