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The Eurozones January Sentix investor confidence index will be released in ten minutes.On January 12th, Hengrui Medicine announced that its subsidiary, Suzhou Shengdiya Biopharmaceutical Co., Ltd., has had its injectable SHR-1826 included in the Breakthrough Therapy Product List by the Center for Drug Evaluation of the National Medical Products Administration. SHR-1826 is an antibody-drug conjugate targeting c-Met. It binds specifically to the target antigen on the surface of tumor cells, is internalized into the tumor cells, and then kills them. A search reveals that a similar product, ABBV-399, received accelerated approval from the US FDA in May 2025 for the treatment of adult patients with advanced/metastatic non-squamous non-small cell lung cancer who have previously received systemic therapy and have high c-Met protein expression. To date, the cumulative R&D investment in the SHR-1826 injectable project is approximately RMB 125.5 million.On January 12th, Sanfangxiang issued an announcement stating that, according to preliminary calculations by its finance department, the company expects a negative net profit attributable to shareholders of the listed company for 2025, resulting in an operating loss for the year. The company will strictly comply with the relevant regulations, including the "Shanghai Stock Exchange Listing Rules," and expedite its financial accounting work, disclosing its 2025 performance forecast as soon as possible. The final financial data will be subject to the companys officially released 2025 annual report.On January 12, Longxun Technology announced that it submitted an application to the Hong Kong Stock Exchange for an overseas public offering of H shares and listing on the Main Board of the Hong Kong Stock Exchange on December 22, 2025, and published the application materials for this offering on the Hong Kong Stock Exchange website on the same day. The company has submitted the filing application materials for this offering to the China Securities Regulatory Commission (CSRC) in accordance with relevant regulations, and the CSRC recently accepted them.On January 12, it was reported that U.S. Immigration and Customs Enforcement (ICE) officers shot and killed 37-year-old Ryan Goode during an immigration enforcement operation in Minneapolis on January 7, sparking days of protests across the United States. On January 11, protests entered their sixth day in Minneapolis, New York, Oakland, Atlanta, and other cities. Residents of Minneapolis stated that this forced immigration enforcement by the federal government was tantamount to "terrorism." Other protesters stated that the U.S. governments attacks on immigrants domestically and its imperialist aggression abroad should both be opposed.

Near 1.3600, USD/CAD Meets Difficult Resistance Amid a Weak USD Index and Rising Crude Prices

Daniel Rogers

Mar 29, 2023 14:32

USD:CAD.png 

 

Near 1.3600, the USD/CAD pair encountered resistance during the Asian session. As the US Dollar Index (DXY) appears vulnerable to further losses below 102.40, the Canadian dollar appears to have a sturdy downside bias. The USD Index has found support near 102.40, but a retracement is likely as risk appetite improves.

 

The USD Index is under intense pressure as a result of the decline in U.S. banking concerns. As reported by Reuters, US House Speaker Kevin McCarthy stated in an interview with CNBC on Tuesday that "at this time" there is no need for universal insurance on all bank deposits, reviving concerns of a banking crisis in the United States.

 

Tuesday's S&P500 futures remained predominantly constrained in response to House Speaker Kevin McCarthy's remarks. The Federal Reserve (Fed) is expected to maintain a consistent tone when announcing its interest rate decision at its May monetary policy meeting, despite the optimistic market sentiment.

 

In the interim, demand for U.S. government bonds remained low due to investors' expectation that the nation will emerge from its banking crisis sooner. This led to a rise in 10-year US Treasury yields to 3.57 percent.

 

According to Bloomberg, the Canadian Dollar remained volatile on Tuesday after Finance Minister Chrystia Freeland's announcement that dividends received by financial institutions from holding domestic equities will be considered business income. This will generate billions in tax revenue from banks and insurance firms that receive dividends from Canadian corporations.

 

Due to a weakening US Dollar and expectations of additional sanctions against Russia, the price of oil has risen to close to $74.00 on the energy front. The US Energy Information Administration (EIA) oil inventory data will be attentively monitored for additional guidance. As anticipated, the US EIA will report an increase of 0.187 million barrels in oil stocks for the week ending March 24.

 

Notably, Canada is the leading oil exporter to the United States, and rising crude prices would strengthen the Canadian Dollar further.

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