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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 slips below 1.2870 as the DXY struggles above 104.000 and oil prices reach $110,000

Daniel Rogers

Jun 28, 2022 14:13

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After falling below the critical support level of 1.2870, the USD/CAD pair has declined to about 1.2860. As oil prices have extended their recovery and are currently trading over the psychological resistance of $110.00, it is expected that the asset will continue its losses and finish below 1.2860.

 

Notable is the fact that Canada is the United States' largest oil exporter. Therefore, higher oil prices lead to greater cash flows into Canada. Instead of focusing on advanced recession concerns, investors have decided to support current supply constraints, resulting in a strong oil price recovery.

 

After Western leaders banned Russian oil imports, the OPEC cartel is attempting to settle supply issues. Saudi Arabia and the United Arab Emirates (UAE) are the only OPEC members able to considerably expand the global oil supply. Both countries are seeing high prices and ample supply.

 

In the meanwhile, the US dollar index (DXY) fails to firmly above the 104.00 round-level barrier. As rapidly as the Federal Reserve (Fed) raises interest rates, concerns of a recession intensify. In its monetary policy statement for July, the Fed will certainly hike interest rates to at least 2 percent. A two percent interest rate is sufficient to restrict market liquidity in the United States. This will force the corporate sector to prioritize very selected investment projects, resulting in an extended drop in labor demand.