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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 sees bids near 1.3500 on a risk aversion theme, as oil looks to retake $80.00

Alina Haynes

Dec 28, 2022 11:24

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After slipping to about 1.3500 in the early Asian session, the USD/CAD pair has gained purchasing activity. The Canadian currency has risen as the risk-aversion theme takes pace over the tumultuous holiday week. After exhibiting a significant decrease on Tuesday, the major currency has shown signs of recovery as rising oil prices have boosted the Canadian Dollar.

 

Due to the absence of trustworthy triggers for decisive currency market changes, the risk profile is highly uncertain. In addition, the market sentiment was unaffected by China's decision to loosen restrictions on outbound tourists. On Tuesday, the S&P 500 remained under pressure as tech-savvy corporations under significant heat. The US Dollar Index (DXY) has gone flat near 103.80 after failing to surpass the crucial 104.00 resistance level.

 

In the meantime, the US Treasury bonds are affected by the risk aversion theme triggered by illiquid markets due to the holiday week. The yields on 10-year US Treasuries have increased to roughly 3.85%.

 

The Canadian Dollar hogged the focus on rising oil prices. West Texas Intermediate (WTI) futures have dipped little but have continued their upside trajectory and are forecast to recapture the critical resistance of $80.00 led by rising supply worries and China’s progress towards reopening of the economy despite a surge in Covid cases.

 

After Russian President Vladimir Putin signed an order restricting the sale of Russian oil to countries that implemented the oil price ceiling, supply concerns intensified.

 

Thomas M. Mertens, a researcher from the Economic Research Department of the Federal Reserve (Fed) Bank of San Francisco, created a recession predictor based on macroeconomic time series, especially the unemployed unemployment rate. He claimed that no forecasts today predict an approaching recession in the following two quarters. Moreover, the unemployment rate does not yet signal an imminent recession.


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