EUR/USD 1.17191
-0.098%
Gold 4610.73
-0.238%
Oil 99.257
-3.172%
USD/JPY 157.057
0.284%
GBP/USD 1.35728
-0.221%
GBP/JPY 213.173
0.072%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On May 3, OPEC issued a statement announcing that the seven OPEC+ countries (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman) will hold an online meeting on May 3, 2026, to review the global market situation and outlook. The seven participating countries decided to implement a production adjustment of 188,000 barrels per day, on top of the additional voluntary adjustments announced in April 2023. This adjustment will be implemented in June 2026. The seven countries will meet again on June 7.On May 3, local time, Russian Presidential Press Secretary Dmitry Peskov stated that if Ukraine is unwilling to reach an agreement, Russia will use sustained and intensified military action until a "victory" is achieved to force it to accept it. Peskov emphasized that achieving the goal through a peace agreement—namely, resolving the Ukrainian issue through negotiations—remains a priority for Russia. Peskov stated that despite facing a "serious energy crisis," Russias interests will be protected. He pointed out that Ukraines attacks on Russian oil infrastructure will trigger a greater oil shortage, while the resulting increase in fuel prices will actually boost the revenue of Russian companies and the national treasury.TankerTrackers: This is the second time Iraq has shipped fuel oil to Syria for export by sea. The first shipment was sent to Spain last week.TankerTrackers: According to Al Jazeera, Iraq is diverting fuel to Syria in search of reliable alternative oil export routes due to the closure of the Strait of Hormuz.Iranian Foreign Ministry: Iranian Foreign Minister Araqchi briefed the Omani Foreign Minister on Irans efforts to end the war.

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

Jul 11, 2022 11:32

 截屏2022-07-11 上午9.40.24.png

 

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.

Suggestion