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On January 17, SpaceX said that the starship experienced a rapid unplanned disintegration during the launch burn. The team will continue to review the data from todays flight test to better understand the root cause. This flight test will help us improve the reliability of the starship.Futures News on January 17, according to the latest data from the U.S. Commodity Futures Trading Commission (CFTC), as of January 10, ① there were 47,356 unpriced sell orders for U.S. cotton on-call, a decrease of 1,694 lots from the previous month; there were 85,069 unpriced buy orders, an increase of 1,514 lots from the previous month; ② there were 14,122 unpriced contracts on the ICE Cotton 2503 contract, a decrease of 2,245 lots from the previous week; ③ there were 11,738 unpriced contracts on the ICE Cotton 2505 contract, an increase of 121 lots from the previous week; ④ there were 13,032 unpriced contracts on the ICE Cotton 2507 contract, a decrease of 305 lots from the previous week; ⑤ there were 0 unpriced contracts on the ICE Cotton 2510 contract, the same as the previous week; ⑥ there were 5,234 unpriced contracts on the ICE Cotton 2512 contract, an increase of 458 lots from the previous week.On January 17, SpaceXs new generation heavy-lift rocket "Starship" was launched from Texas, the United States on the 16th, carrying out its seventh test flight. Shortly after the launch, the second-stage spacecraft of the rocket lost contact with the ground team. The live broadcast of SpaceX showed that after the launch, the first-stage booster of the rocket was once again recovered from the launch tower. When landing, it was "clamped" by the mechanical arm on the launch tower and "captured" and recovered in mid-air. However, the second-stage spacecraft of the rocket subsequently lost contact with the ground team, and the live broadcast of the spacecraft was interrupted.SpaceX lost contact with Starship.SpaceX Starship conducted its seventh test flight and ignited and launched.

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.