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An Iranian government spokesperson stated that the international internet is being restored. There were technical issues, but these will be resolved gradually, and the situation will return to its previous state.On June 9, Foreign Ministry Spokesperson Lin Jian hosted a regular press conference. A foreign journalist asked, "Taiwans Ministry of Foreign Affairs stated that on June 8, three South Korean parliamentarians from both the ruling and opposition parties met with the Director-General of Taiwans Ministry of Foreign Affairs, exchanging views on responding to geopolitical challenges, political, economic, and cultural exchanges, and the development of the semiconductor and AI industries. How does China view this exchange?" Lin Jian emphasized, "Taiwan is part of China, and there is no such thing as a Ministry of Foreign Affairs there." He stressed that China has consistently and firmly opposed any form of official exchanges between countries that have diplomatic relations with China and Taiwan. Lin Jian pointed out that since the beginning of this year, South Korea has publicly reiterated on multiple occasions that its position of respecting the one-China principle remains unchanged. China has lodged a strong protest with South Korea on this matter. We urge South Korea to proceed from the overall interests of China-South Korea relations, honor its commitments, earnestly adhere to the one-China principle, refrain from any form of official exchanges with Taiwan, avoid being exploited by "Taiwan independence" elements, and refrain from sending wrong signals to "Taiwan independence" separatist forces, and take concrete actions to safeguard the healthy and stable development of bilateral relations.June 9th - While the national rental market is consolidating, first-tier cities are showing a different trend. In May, the average rent for ordinary residential properties in first-tier cities rose 0.16% month-on-month, marking the third consecutive month of increase. Year-on-year, in the first five months of this year, the average rent in first-tier cities ended two consecutive years of adjustment, turning to a slight increase of 0.21%. Beijing, Shanghai, and Shenzhen have become the "leaders" in this round of rental market stabilization. Since the peak rental season began in March, residential rents in these three cities have continued to rise. First-tier cities, relying on high-quality industrial resources and a young working population, are leading the way in stabilizing their rental market fundamentals.On June 9th, the State Taxation Administration completed its 2026 tax payment credit evaluation of business entities. The evaluation results show that in 2026, tax authorities evaluated 54.669 million business entities, an increase of 4.903 million from the previous year. The tax payment credit of business entities in my country continues to improve. Specifically, the number of trustworthy business entities nationwide reached 47.111 million, a year-on-year increase of 8.6%. Notably, the number of business entities proactively repairing their credit increased by approximately 30% year-on-year. 18.154 million business entities proactively corrected their errors and repaired their credit, an increase of 4.178 million from the previous year, representing a year-on-year increase of 29.8%. Among them, 3.881 million business entities achieved an upgrade in their credit rating after repairing their credit.On June 9, Foreign Ministry Spokesperson Lin Jian held a regular press conference. On June 1, the China Coast Guard vessel Daishan flotilla conducted law enforcement patrols in the waters east of Taiwan. A reporter from the Japanese newspaper Asahi Shimbun asked about this at the conference. "Regarding the lawful law enforcement patrols conducted by the China Coast Guard flotilla in the waters east of Taiwan, the China Coast Guard Bureau has already released relevant information," Lin Jian reiterated. He emphasized that China possesses an exclusive economic zone and continental shelf in the waters east of Taiwan, and that Japan and the Philippines, bypassing China, have unilaterally initiated so-called "maritime boundary negotiations," which seriously violates international law, including the United Nations Convention on the Law of the Sea, and the basic norms of international relations, and severely infringes upon Chinas maritime rights and interests. China will never allow this.

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).

 

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