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On June 4th, local time, the Ukrainian Ministry of Energy announced that due to the conflict and attacks on energy facilities, some areas in several Ukrainian regions experienced temporary power outages. The Ministry stated that the attacks targeted not only local energy infrastructure but also frontline workers in the energy sector. That morning, a vehicle belonging to the Sumy Oblast power company was attacked by a Russian drone, injuring one employee. The injured person has been taken to the hospital for treatment.On June 4th, Shi Xiaolin, Deputy Secretary of the Sichuan Provincial Party Committee and Governor of Sichuan Province, met with Shi Dai, General Manager of China Merchants Group, and his delegation in Chengdu. Both sides discussed implementing the "15th Five-Year Plan" development requirements, seizing major opportunities such as the construction of the Chengdu-Chongqing economic circle, leveraging the advantages of China Merchants Group as an international, comprehensive central enterprise, and actively planning a new round of strategic cooperation in areas such as technological innovation, industrial upgrading, open hub development, and peoples livelihood. They exchanged views and discussed key areas of cooperation, including promoting the transformation of scientific and technological achievements, the integration of transportation, logistics, and digital networks, urban renewal and the construction of "good houses," and the development of science and technology services. They also discussed jointly addressing five key areas of financial development, enhancing the ability to serve the real economy, helping Sichuan enterprises to "go global," and achieving more practical cooperation results. The goal is to jointly serve national strategies and promote high-quality development in Sichuan.On June 4, Ministry of Commerce spokesperson He Yong, in response to a question about the USs proposed tariffs on economies accused of forced labor, stated at a regular press conference that Chinas position on the Section 301 investigation is consistent. China opposes all forms of unilateral restrictive measures, including a series of trade restrictions imposed on China under the pretext of "forced labor," and has repeatedly expressed its firm stance on this matter. We urge the US to work with China to jointly safeguard the stability of China-US economic and trade relations.On June 4, at a regular press conference held by the Ministry of Commerce, spokesperson He Yongqian, in response to a question regarding the U.S. Department of Commerces efforts to close so-called "regulatory loopholes" in the semiconductor industry, stated that in recent years, the U.S. has repeatedly abused export controls under the pretext of national security, severely damaging the legitimate rights and interests of Chinese enterprises, seriously disrupting international trade and economic order, and severely impacting the stability of the global semiconductor industry chain and supply chain. China has consistently opposed this. China urges the U.S. to correct its erroneous practices as soon as possible, cease discriminatory measures against China, and safeguard the stability of the global industry chain and supply chain.Futures News, June 4th: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes on June 4th: 1. Pulp futures warehouse receipts: 232,741 tons, an increase of 5,623 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 957 tons, unchanged compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,520 tons, unchanged compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 36,160 tons. 6. Petroleum asphalt futures warehouse receipts: 21,120 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 96,220 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 3,511,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 0 tons, a decrease of 2,000 tons from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.

As the Fed confirms the disinflationary process, the USD/CAD exchange rate may fall to 1.3250

Alina Haynes

Feb 02, 2023 16:05

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The USD/CAD pair resumed its two-day losing run after slipping below 1.3270 in Asia. Following two days of declining US inflation, the Canadian dollar fell on Wednesday.

 

The US Manufacturing PMI (Jan) dropped for a third consecutive month to 47.4, below the consensus estimate of 48.0 and the prior reading of 48.4. The Index of New Orders for Manufactured Goods, which indicates future demand, decreased to 42.5 from 46.1 and 45.1. Fed Chairman Jerome Powell stated in his comments that consumer spending has slowed significantly and that the central bank will now focus on labor cost balance. The US Employment Cost Index (Q4) fell by 1%.

 

The US Consumer Price Index (CPI) and Producer Price Index (PPI) have decreased for three consecutive months, while economic activity and consumer spending have slowed, signaling deflation. Powell stated, "Can now for the first time announce, 'The disinflationary process has begun.'"

 

The market participants' risk appetite has raised the demand for risky assets. After a solid performance on Wednesday, S&P500 futures increased in the Asian morning. The US Dollar Index (DXY) found limits following a decline to about 100.80 amid risk-on market mood. The yield on 10-year US Treasuries has surpassed 3.41 percent.

 

Monthly GDP (Nov) data for the Canadian dollar were 0.1%, above the consensus forecast of flat. Since the Bank of Canada (BoC) ceased policy tightening after increasing interest rates to 4.50 percent, the Canadian economy has not declined on a monthly basis.

 

After plunging to nearly $76, the price of oil is recovering. Black gold dipped on Wednesday after the US Energy Information Administration (EIA) reported 4.14 million oil inventories for the week ending January 27. Because Canada is a major oil exporter to the United States, lower oil prices influence the Canadian Dollar.


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