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On January 28th, at a press conference held this morning during the Fifth Session of the 14th Guangdong Provincial Peoples Congress, Qin Weizhong, Deputy Secretary of the Shenzhen Municipal Committee and Mayor of Shenzhen, stated that in the new year, Shenzhen will, in accordance with the work plan of the Provincial Party Committee and Provincial Government on promoting the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, actively promote in-depth exchanges and cooperation between Shenzhen and Hong Kong in all aspects and fields, especially strengthening the alignment of development strategies with Hong Kongs Northern Metropolitan Area, accelerating the interconnection of infrastructure, and this year will see the full completion and opening of the new Huanggang Port, accelerating the construction of projects such as the Hetao West Cross-River Bridge and the new No. 1 Channel, and jointly promoting the planning and construction of the Hong Kong-Shenzhen Western Railway and the Hong Kong Northern Link branch line with Hong Kong. Further leveraging the major platform role of Qianhai and Hetao, Shenzhen will promote more fruitful results in cooperation on modern service industries and technological innovation between Shenzhen and Hong Kong, jointly develop and construct the "one river, two banks, one zone, two parks" of Hetao, promote the cross-border flow of technological innovation elements, open sharing of resources, and collaboration of science and technology industries, and work together to accelerate the creation of a high-quality living circle that is livable, business-friendly, and tourist-friendly, fully supporting Hong Kong to better integrate into and serve the overall development of the country.Zimbabwes Energy Minister: Partnerships are needed for oil and gas extraction and production.On January 28th, Brazilian President Lula da Silva stated in Panama City on January 27th that he opposes external interference in Venezuelan affairs and believes the Venezuelan problem should be resolved by the Venezuelan people themselves. He emphasized that the solution should come from Venezuela itself, not Brazil or the United States. Lula also expressed his hope that US President Trump would respect Venezuelas sovereignty and democratic choices, allowing the Venezuelan people to independently safeguard their own destiny.Tanzanias Deputy Energy Minister: We hope to reverse the downward trend in oil and gas production in the coming years.Kazakhstans Energy Minister: Operations at the Tengri oil field resumed two days ago, and production is increasing.

The USD/CAD exchange rate bounces above 1.3550 ahead of the US GDP/ Durable Goods report, while oil prices surge

Daniel Rogers

Oct 27, 2022 15:31

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After a sharp fluctuation between 1.3533 and 1.3650 during the Tokyo session's late hours, the USD/CAD pair has moved sideways. The asset exhibits a rangebound structure between 1.3545 and 1.3822 in Asia. Prior to the release of crucial US statistics, it is anticipated that the major would remain sluggish.

 

In the meantime, market sentiment is quite upbeat, and risk-perceived currencies are reveling. The US dollar index (DXY) had a dead cat bounce after reaching a new monthly low of 109.56. While yields on 10-year US Treasuries are remain precarious and hovering around the 4% cushion.

 

Wednesday, after the Bank of Canada announced its interest rate decision, the Canadian dollar traded between 1.3545 and 1.3582. (BOC). Governor Tiff Macklem of the Bank of Canada (BOC) announced a 50 basis point (bps) rate increase, increasing borrowing rates to 3.75 percent. A smaller-than-expected hike in interest rates has stunned market participants.

 

In reference to the peak of inflationary pressures, BOC's Macklem remarked that the central bank is still a long way from accomplishing its goal of ensuring inflation is low, stable, and predictable. Concerning the course of policy, the Bank of Canada stated that they are reaching the end of the tightening phase, but are not quite there.

 

CIBC analysts expected the rate to peak at 4.25 percent despite the "slight softening" in comparison to previous increases.

 

On the front of the US dollar, it is expected that the US GDP rose by 2.4% in the third quarter, compared to a 0.6% fall. In addition, US Durable Goods Orders are predicted to climb by 0.6% versus a 0.2% decline.

 

As a result of the depreciation of the DXY and the adoption of sanctions against Russia, the oil price increase has accelerated. Despite the Energy Information Administration's report of an increase in oil stockpiles, the price of crude oil has risen to more than $88, reaching a high of approximately $88.01. (EIA). The oil stocks climbed by 2.588 million barrels for the week ended October 21, compared to the expected increase of 1.02 million barrels.


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