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On November 28th, U.S. Department of Homeland Security officials stated on Thursday that President Trump has ordered a comprehensive review of asylum cases approved during former President Bidens administration and green cards issued to citizens of 19 countries. According to official disclosures, the Afghan immigrant suspect who shot two National Guard members in Washington, D.C. on Wednesday entered the United States through the refugee resettlement program implemented in 2021. Hours after the shooting that seriously injured two guards, U.S. Citizenship and Immigration Services (USCIS) announced an immediate and indefinite suspension of all immigration applications from Afghan nationals. On Thursday, the Department of Homeland Security further stated that the review will be expanded to include all asylum cases approved during the Biden administration. USCIS Director Edlow stated in a statement that a "comprehensive and rigorous review of every green card issued to every foreign national from all countries of concern" is being initiated in accordance with Trumps request. While no specific list of countries was specified, USCIS pointed to Trumps June travel ban on 19 countries, including Afghanistan, Burundi, Laos, Togo, Venezuela, Sierra Leone, and Turkmenistan.Ukrainian President Zelenskys senior aide Yermak: As long as Ukrainian President Zelensky is in office, no one can expect us to give up territory.On November 28th, it was reported that Bank of Americas systemic importance was upgraded by the Financial Stability Board (FSB), meaning it will face higher capital requirements. In the FSBs list of Global Systemically Important Banks (GSIBs), the bank was moved to the third highest tier. The additional capital buffer required by the company increased from 1.5% to 2%. Deutsche Bank was downgraded one tier, with its additional capital requirement decreasing to 1%. Aside from these changes compared to the previous year, there were no other adjustments.On November 28th, the British government announced a postponement of sanctions against the international operations of Russias Lukoil company, the latest example of Western countries taking a cautious approach towards the energy giant. The UKs Financial Sanctions Enforcement Office stated that the grace period for sanctions against Lukoil International Limited and its subsidiaries will be extended to February 26th next year. The sanctions were originally scheduled to take effect at midnight on November 28th. Lukoil, along with another Russian energy giant, Rosneft, was also sanctioned by the United States in October, with some of those sanctions also receiving extensions.Hang Seng Index futures closed down 0.03% at 25,935 points in overnight trading, 11 points lower than the benchmark.

With eyes on Fed's Powell and BoC's Mackem, USD/CAD falls toward 1.3400 as oil prices rise

Alina Haynes

Feb 07, 2023 15:56

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Tuesday morning's trading near 1.3430 represents the first negative daily performance in four days for the USD/CAD pair, extending losses near the intraday low. Despite this, the Loonie pair remains close to 12-day highs as traders await comments from Governor Tiff Macklem of the Bank of Canada (BoC) and Chairman Jerome Powell of the Federal Reserve (Fed).

 

The recent decline of the quote may be related to the market's cautious optimism in light of receding economic fears. The strengthening of WTI crude oil prices, Canada's principal export commodity, might exacerbate the downturn.

 

WTI crude oil rises 0.40 percent to $75.00, extending yesterday's rebound from a two-month low. The recovery of the price of black gold may be related to diminishing fears of an economic slowdown in the United States as well as recent positive news reports regarding Sino-American ties.

 

Even though the US economic calendar was fairly silent, Treasury Secretary Janet Yellen and President Joe Biden's growth optimism appeared to weigh on US Dollar bulls. Despite this, it appears that hawkish Fed deliberations strengthen US Treasury bond yields and the US Dollar. In an interview with Bloomberg, Federal Reserve Bank of Atlanta President Raphael Bostic noted, "The robust job market likely indicates 'we have a little bit more work to do.'"

 

A dash on the US diplomatic visit to Beijing and China's angry response to the US shooting down its balloon by labeling it as a spying attempt triggered the market's risk-off mentality and lifted the USD/CAD pair the day before. Recent comments by US Vice President Joe Biden appear reassuring, as he noted, "The balloon incident does not impair US-China relations."

 

After a two-day rebound from the monthly low, the 10-year US Treasury bond struggled for direction at 3.63%, while S&P 500 Futures saw minor gains reflecting the prevalent sentiment.

 

Moreover, bullish readings of the Canada Ivey Purchasing Managers Index for January, 60.1, compared to 55.2 expected and 49.9 prior, appear to exert downward pressure on the USD/CAD exchange rate.

 

Future USD/CAD traders may react swiftly to the December Canadian trade statistics. However, the words of Bank of Canada Governor Macklem, Federal Reserve Chairman Jerome Powell, and US Vice President Joe Biden's State of the Union (SOTU) address will be crucial for providing clear directives.


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