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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."

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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