EUR/USD 1.17549
-0.432%
Gold 3345.10
0.188%
Oil 65.389
0.760%
USD/JPY 143.884
0.325%
GBP/USD 1.36024
-1.037%
GBP/JPY 195.718
-0.676%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Market news: Microsoft (MSFT.O) will cut up to 9,000 employees in the latest round of layoffs.Market news: Google (GOOG.O) will adjust its search engine to meet EU requirements.July 2, on Wednesday, British government bond yields jumped sharply and the pound plummeted. The day before, the British government was forced to make huge concessions on its welfare cuts. British government bond yields fell faster after British Chancellor of the Exchequer Reeves showed uneasiness in Parliament. British Prime Minister Starmer refused to confirm whether Reeves would continue to serve as Chancellor of the Exchequer. "Given that Starmer had previously stated quite affirmatively that Reeves would remain in office until the next election, the market saw this as a solid sign that she would not stay in the position for long," said Michael Brown, a strategist at Pepperstone. "It looks like Reeves will leave soon, and her successor - whoever it is - will greatly relax fiscal rules." Although Starmers press secretary said Reeves had not yet offered to resign, the speculation still disrupted the British market.An overview of the trend charts of the U.S. "small non-farm" ADP new employment numbers and "non-farm" new employment numbers: The "small non-farm" ADP unexpectedly recorded -33,000 people. Will the non-farm data to be released at 20:30 tomorrow night also record a "negative number"?On July 2, Lei Jun, founder, chairman and CEO of Xiaomi, responded to the YU7 order controversy in a live broadcast room and said that the orders for Xiaomi SU7 and SU7 Ultra transferred to YU7 accounted for less than 15% of the total orders for YU7.

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.

Suggestion