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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

USD/CAD Bears Defeat Bulls at 1.26 as Oil Remains Firmly Bid

Drake Hampton

Apr 19, 2022 09:53

USD/CAD is a little heavy at the Tokyo open, turning red on the day and testing 1.26 at the time of writing, down from a rollover high of 1.2634 in early Asia.

 

In general, it's been a story about the US dollar at the start of the week, which is now regaining some ground. In the case of the CAD, oil prices have stabilized as well, bolstering the loonie as investors anticipate Wednesday's inflation report.

 

Investors will be watching the March Consumer Price Index for guidance on whether the Bank of Canada will continue to tighten policy following last week's half-point move to 1%. This was the central bank's largest single increase in more over two decades, and it was implemented in an attempt to rein in inflation.

 

"We expect March CPI to rise to 6.1 percent year on year, with prices rising 0.9 percent month on month," TD Securities analysts noted. "Energy will be the primary driver, with an increase of 11% in gasoline and another large contribution from food. Automobiles, clothing, and shelter should contribute to the ex. food/energy aggregate's strength, while the Bank of Canada's core inflation measures should average 3.6 percent y/y," according to TDS analysts.

US Oil Prices Increase

Meanwhile, West Texas Intermediate (WTI) crude oil finished higher on Monday as concerns about Chinese demand amid Covid-19 lockdowns were countered by supply problems in Libya. Futures finished +1.2 percent higher at $108.21 a barrel as a result of the Libyan outages, which have heightened concerns about global supply constraints. The country's National Oil Corporation announced force majeure at an export port following the shutdown of the country's main oil field due to demonstrations over cancelled elections.

 

In thin trade, the dollar strengthened to a new two-year high, tracking higher US Treasury yields. Investors are reinvesting in the dollar and bracing for several Federal Reserve rate hikes of half a percentage point.

 

The US rate futures market has priced in a 96 percent probability of a 50 basis point tightening at the Federal Reserve's May meeting and approximately 215 basis points in cumulative rate rises in 2022, allowing for enough speculative positioning into the greenback. Meanwhile, the benchmark 10-year US Treasury yield reached a three-year high of 2.884 percent.

USD/CAD

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