EUR/USD 1.17324
0.083%
Gold 4714.69
0.589%
Oil 92.540
-2.259%
USD/JPY 156.871
-0.037%
GBP/USD 1.35571
0.049%
GBP/JPY 212.678
0.025%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On May 8th, it was learned from the Ministry of Finance that the Ministry recently allocated 45.8 billion yuan in funding for 2026 to support the development of preschool education, an increase of 12.56 billion yuan, or 38%, compared to the previous year. The funds will primarily support local governments in consolidating and implementing the policy of waiving preschool tuition and childcare fees; addressing shortcomings in inclusive resources; improving the quality of care and education; and strengthening the financial aid system for children from economically disadvantaged families. Next, the Ministry of Finance, in conjunction with the Ministry of Education, will guide local governments to fully leverage the role of provincial-level coordination, rationally allocate central government subsidies and local government-borne subsidies for waiving tuition and childcare fees, and ensure the normal operation of kindergartens. Simultaneously, it will further promote the expansion and improvement of preschool education, accelerate the addressing of weaknesses and shortcomings, and steadily improve the overall quality of kindergartens.On May 8th, US President Trump stated that there was no need to restrict US oil or jet fuel exports. "We dont need them," Trump told reporters in Washington on Thursday. "And we have plenty of oil." The blockage of the crucial Strait of Hormuz has led to a significant increase in US energy exports, making the US the worlds largest crude oil exporter, surpassing Saudi Arabia. However, experts have consistently warned that the US supply buffer is nearing its limit, and it remains unclear how long exports at this level can be sustained. Trump, however, disregarded these warnings and praised the surge in exports. He said, "Ships are turning back from their usual routes to the Strait of Hormuz," adding, "Hundreds of ships are heading to Texas, Louisiana, and Alaska, loading up and returning, making a fortune."On May 8th, the Ministry of Industry and Information Technology (MIIT) announced that, to further promote the research, development, and industrialization of 6G technology in my country, it has granted a license to the IMT-2030 (6G) Promotion Group to use 6G trial frequencies in the 6GHz band. This license supports 6G technology trials in select regions, enabling the group to conduct research and development and testing based on typical 6G scenarios and key performance indicators defined by the International Telecommunication Union (ITU). This approval of 6G trial frequencies will strongly promote the high-quality development of 6G in my country.As of 8:30 AM Beijing time, spot platinum was down 0.18% and spot palladium was down 0.35%.Japans final services PMI for April was 51, compared to 51.2 in the previous month.

USD/CAD Trades at a Flat Level Following Volatile Trading and Rising US Treasury Yields

Drake Hampton

Apr 06, 2022 10:16

Insights

  • The dollar fell as additional penalties against Russia weighed on the Loonie.

  • Benchmark rates increased as the Federal Reserve pursued a more aggressive rate hike strategy.

  • Due to the new penalties, gold and silver prices remained rather stable.

  • As European countries ponder further measures, oil prices continue to rise.

 

Despite a volatile trading session, the dollar maintained its strength as higher oil prices bolstered the commodity-linked Loonie. The yield on ten-year government bonds increased to 2.56 percent, the highest level since May 2019. Benchmark rates increased several basis points following Fed Governor Brainard's statement that the Fed must pursue a more aggressive stance to contain inflation. Commodity-linked currencies such as the Loonie increased in value as a result of higher oil prices and good economic indicators. New sanctions against Russia continue to benefit silver and gold prices. On the potential of fresh Russian sanctions, oil prices continued to increase. Investors are awaiting the release of the minutes from the most recent FMOC meeting on Wednesday.

 

Today, the US released its February trade balance. Actual balance of -$89.2 billion was lower than predicted at -$88.5 billion. The reading stayed relatively stable compared to the previous month, indicating a record deficiency. Exports increased by 1.8%, while imports jumped by 1.3 percent. In the following months, the Russia-Ukraine war may limit demand for US exports.

Technical Evaluation

The USD/CAD exchange rate remained unchanged following a recovery from the downward pressure caused by increased oil prices, which supported the Loonie. However, losses should be contained as a result of the Fed's more aggressive rate hikes. The pair remains below the key level of 1.25 and may be driven lower as additional penalties against Russia increase. Resistance is located near the 10-day moving average, which is now at 1.25. Near today's lows near 1.24, support is seen. A break below support would reveal the daily low of 1.2387 from November 10th, signaling further downward pressure. The short-term momentum shifted to the upside when the fast stochastic crossed above the buy signal.

 

Although the MACD line generated a crossover sell signal, the medium-term momentum is negative but favorable. When the MACD line (the 12-day moving average minus the 26-day moving average) passes the MACD signal line, this scenario occurs (the 9-day moving average of the MACD line).

 

image.png 

Suggestion