EUR/USD 1.16141
-0.097%
Gold 4434.77
-0.854%
Oil 89.430
-0.234%
USD/JPY 156.234
0.280%
GBP/USD 1.35183
-0.046%
GBP/JPY 211.206
0.242%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On September 6, the foreign ministers of the Kingdom of Saudi Arabia, the Hashemite Kingdom of Jordan, the United Arab Emirates, the Republic of Indonesia, the Islamic Republic of Pakistan, the Republic of Turkey, the State of Qatar, and the Arab Republic of Egypt issued a joint statement strongly condemning the remarks made by Israeli National Security Minister Itamar Ben-Gwell and Israeli Defense Minister Israel Katz regarding the expulsion of the Palestinian people from the Gaza Strip, including proposals for plans and mechanisms aimed at forcibly removing Palestinians from their homes. Such inflammatory rhetoric and proposals blatantly violate principles of international law, including international humanitarian law, and pose a direct threat to the legitimate and inalienable rights of the Palestinian people. The Gaza Strip is an integral part of the occupied Palestinian territory, and the unity of the Palestinian land must be maintained.On September 6th, China Export & Credit Insurance Corporation (SINOSURE) announced that the Ministry of Finance will inject RMB 10 billion into the company. This capital injection will be carried out steadily in accordance with market-oriented and rule-of-law principles, fully reflecting the positive outlook for the financial industry. Supporting SINOSURE in replenishing its core tier-one capital will help the company improve its risk solvency ratio, enhance its ability to fulfill its obligations as an insurer, further expand the coverage of export credit insurance, effectively ensure medium- and long-term financial sustainability, improve the resilience of its operating cash flow, and support the company in better fulfilling its policy-oriented functions and serving the real economy.On September 6, the Export-Import Bank of China announced that the Ministry of Finance will inject RMB 30 billion into the bank, effectively consolidating its capital base, strengthening its sustainable development capabilities, significantly enhancing its ability to provide funds for serving the real economy and opening up to the outside world, and improving its risk prevention and control resilience. This will provide a solid guarantee for better fulfilling its policy-oriented financial responsibilities and missions and serving major national strategies.The U.S. National Hurricane Center: Marie is expected to begin weakening later today.Turkish Vice President Yilmaz: We expect to create 2.1 million new jobs by the end of 2029 and reduce the unemployment rate to below 8%.

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.


Suggestion