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U.S. Central Command: The U.S. Navy destroyer USS Rafael Peralta is operating in the region’s waters in support of a maritime blockade of Iranian ports.U.S. Central Command: As of October 17, U.S. Central Command had guided 138 merchant ships to change course to ensure strict enforcement of the blockade measures.On October 18th, according to the Associated Press, US President Trump addressed gasoline prices at a rally in Kentucky on Saturday, claiming that the nearly eight-month-long war with Iran would soon end, at which point gasoline prices would drop below pre-war levels. The audience cheered. Its worth noting that Trump has made similar statements on multiple occasions before. Trump also reiterated a much-criticized promise: if Republicans win control of both the Senate and the House of Representatives, every American adult will receive $5,000. This plan, expected to cost over $1 trillion, not only requires congressional approval but could further exacerbate the USs nearly $1.8 trillion annual budget deficit. Furthermore, Trump made a new promise for Kentucky, stating that if Republicans win the election, the Department of Defense will invest in revitalizing a pharmaceutical manufacturing plant in the state.On October 18th, according to Fox News, Israeli Prime Minister Benjamin Netanyahu praised US President Donald Trumps handling of the Iran issue and warned that Tehrans nuclear ambitions pose a direct threat to American cities. In the program, Netanyahu stated that the Iranian leadership is attempting to dominate the Middle East, control key waterways and oil supplies, and ultimately threaten Europe and the United States. Netanyahu warned, "At that time, every single city in America will be held hostage by these fanatics and become their bargaining chips." Netanyahu also referred to Hamas, Hezbollah, and the Houthi rebels in Yemen as extensions of the Iranian leadership and believes that sustained military and economic pressure is necessary to counter the threat from Tehran. Netanyahu stated, "I think President Trumps approach has been outstanding; he has a clear stance, sound judgment, and unwavering conviction." He noted that he met with Trump at Mar-a-Lago before the last US presidential election. At that time, Trump recognized the threat posed by Irans nuclear ambitions and understood that the risks involved were not only related to Israels security.On October 18th, according to the Associated Press, US President Trump held a rally in Kentucky on Saturday to campaign for Republican candidates. Amid pressure from the midterm elections, Trump touted his power in his second term, saying, "I can do incredible things." He discussed his decision to change the US governments name for the Gulf of Mexico to "American Gulf." Trump stated, "I dont think I could have done this in my first term. In this term, I have much more power. In my first term, Google wouldnt even answer my calls. Now, they treat me like royalty." He then added, "I also renamed a lake in Canada American Lake," referring to Lake Ontario. The report noted that Trumps high-profile campaigning contrasts sharply with voter dissatisfaction with his governance as Republicans face midterm election pressure. Tariff policies and the war with Iran have driven up prices, and some voters question whether he prioritizes personal gain over national interest.

The USDCAD attempts to build a position above 1.3350 as oil bids approach $85.00

Alina Haynes

Nov 17, 2022 11:51

 截屏2022-11-17 上午10.21.43.png

 

In Asia, the USDCAD pair's volatility has decreased to a range of 1.3314-1.3345 following a vertical rebound from a key support level near 1.3230. As a result of the severe pressure on oil prices, the asset is lingering near its weekly peak and seeking to add to its gains. Contrary to USDCAD bullish wagers, market optimism is regaining traction.

 

The S&P500 futures are recovering from Wednesday's losses. As Target Corporation (NYSE:TGT) issued a gloomy forecast for consumer spending, the S&P 500 index dropped. Following a minor recovery from 106.20, the performance of the US dollar index (DXY) is underwhelming. As clouds of uncertainty have cleared, the Russia-Poland-led upswing in the DXY could reach its conclusion.

 

In the interim, 10-year US Treasury rates have rebounded somewhat to roughly 3.71 percent, having dipping below 3.7% earlier. As the possibility of a fifth straight rate hike by the Federal Reserve (Fed) of 75 basis points (bps) is extremely low, the downturn appears less certain. According to CME FedWatch, there is a 17% chance of a 75 basis point rate hike.

 

The words of Esther George, president of the Federal Reserve Bank of Kansas City, have strengthened the case for a recession to temper inflationary pressures. A Fed official stated in an interview with the Wall Street Journal that it may be impossible to cut inflation without sparking a recession. In addition, he proposed for a decrease in the rate of rate increases commencing in CY2022.

 

In terms of the Canadian dollar, lower oil prices have led to currency volatility. As the number of sick patients continues to soar, China's relaxing of Covid-19 restrictions has failed to improve oil prices. In addition, clarity on the Russia-Poland disagreement has reduced the probability that the trading bloc will impose swift sanctions on Russia.

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