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October 10th - According to sources within Apples supply chain, Apple has made structural adjustments to its fall 2026 smartphone order volume: increasing orders for the iPhone Duo by 30%, but the total still does not exceed 10 million units; cutting orders for the iPhone 18 Pro by 10%-15%, while increasing orders for the iPhone 18 Pro Max by 10%-15%, with the total order volume for the iPhone 18 Pro series remaining unchanged. "This means sales are shifting towards higher-value products, so overall its beneficial to the performance of Apples supply chain companies," said an Apple supply chain source.The U.S. National Hurricane Center: "Simon" has been classified as a Category 4 hurricane.October 10th - Panamas National Civil Defense System issued an updated statement on October 9th, local time. As of now, there are no reports of deaths or missing persons from the earthquake that struck Panama on the 9th. The earthquake has caused minor injuries to 27 people. Buildings, bridges, and roads were damaged in several provinces and cities, including Veraguas and Coclay, and power outages occurred in some areas. At 12:56 PM local time on October 9th, a 7.6 magnitude earthquake struck Panama, with strong tremors felt in the capital, Panama City, and other areas. Shortly after the earthquake, several aftershocks of magnitude 5 or higher occurred. According to two official announcements from the Panama Canal Authority, the earthquake and subsequent aftershocks did not affect the normal operation of the Panama Canal, and ship traffic remained normal.October 10th - TrendForces latest "2027 Infrared Sensing and Optical Communication Market Trends" report indicates that with the rapid growth in demand for scale-up (vertical expansion) network transmission within data centers, VCSEL NPOs are gaining attention due to their advantages such as low power consumption, high maintenance flexibility, and a relatively mature supply chain, with major manufacturers investing in their research and development. From 2027 to 2028, numerous VCSEL NPO solutions will emerge in the market. Coupled with the demand for short-range optical transceiver modules, the VCSEL market demand is projected to reach 650 million units by 2031, with a compound annual growth rate of 38% from 2025 to 2031.US President Trump: (When asked about hurricane preparations) Everything is under control.

USD/CAD declines to 1.3500 on firmer Oil prices, BoC concerns over US inflation, and Fed Minutes

Daniel Rogers

Apr 10, 2023 14:35

 USD:CAD.png

 

The USD/CAD maintains losses close to 1.3500, shattering a four-day winning trend, as traders brace for key Easter Monday data/events on major bourses. However, the recent decline in the Loonie-U.S. dollar exchange rate may be due to the increase in the price of WTI petroleum oil, Canada's primary export. In contrast to the recent increase in ardent Fed forecasts, the Bank of Canada's (BoC) dovish bias poses a challenge to pair sellers.

 

After increasing for three consecutive weeks, WTI crude oil prices gain 0.61 percent intraday near $80.00. Recent increases in the price of black gold may be due to geopolitical concerns surrounding China and Taiwan. In addition to the supply cut by OPEC+ and the faltering US dollar, the energy benchmark is sustained by the supply cut by OPEC+ and the weakening US dollar.

 

However, the US Dollar Index (DXY) has fallen for three consecutive weeks and is under pressure near 102,000.

 

Fears of higher Fed rates versus inaction from the Bank of Canada (BoC) grew after the upbeat US Jobs report versus the lack of significant positives in the March Canadian jobs report.

 

As a result, the CME's FedWatch Tool indicates a 69% chance of a 0.25 basis point rate hike in May, up from 55% prior to the US employment report.

 

Canada's headline Net Change in Employment increased to 34.7K in March from 21.8K in February, compared to the market consensus of 12K, while the Unemployment Rate came in at 5% versus the analysts' estimate of 5.0%. During the specified month, the Participation Rate decreased to 65.6% from the expected and previous rate of 65.7%. In addition, the average hourly wage fell 5.2% year-over-year in March, down from 5.5% in February.

 

In contrast, the US Bureau of Labor Statistics (BLS) reported that Nonfarm Payrolls (NFP) increased by 236K in March, the lowest increase since January 2021 (considering revisions), compared to the expected 240K and the previous 330,000. Additionally, the unemployment rate fell from 3.6% to 3.5%, while the labor force participation rate rose from 62.6% to 62.6%. The annual wage inflation rate decreased from 4.6% to 4.2%, below market expectations of 4.3%.

 

Futures on US equities ended higher, but yields remain under pressure ahead of the crucial BoC monetary policy meeting, US inflation, and Fed Minutes. Given the dovish concerns from the Bank of Canada (BoC) and the likely hawkish comments in the FOMC Minutes, the USD/CAD may see additional gains, barring any unexpected developments.


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