Author: Robert Jessi

GPIF is not a branch of the Ministry of Finance, nor is it a currency stabilisation fund wearing a pension badge. Takeaways The GPIF narrative offered the market a structural yen buyer, but Monday’s report pushed that hope further into the distance. Japan’s pension capital cannot be redirected like an intervention account; investment discipline remains the anchor. still has the wind of carry and rate differentials behind it, but the trade is entering increasingly dangerous waters above 162. Tokyo has slowed the yen’s decline before, but it has yet to turn the tide. The GPIF Lifeboat Drifts Back to Shore…

The Canadian Dollar (CAD) outperforms most of its major peers on Monday as renewed tensions in the Middle East push Oil prices higher amid fresh risks of supply disruption in the Strait of Hormuz.At the time of writing, USD/CAD trades around 1.4144, remaining on the back foot for a fifth consecutive day. WTI trades around $74.50, up over 4% on the day. Higher crude Oil prices support the commodity-linked Loonie, given Canada’s status as a major Oil exporter.The United States (US) and Iran exchanged missile and drone attacks over the weekend, while Tehran claimed that it had once again closed…

The Canadian Dollar (CAD) trades firmly against its major currency peers, but is flat at around 1.4160 against the US Dollar (USD) during the European trading session on Monday.The Loonie outperforms as Oil prices have increased significantly, following the announcement that Iran has closed the Strait of Hormuz, a vital passage to almost one-fifth of the global energy supply, again. As of writing, the WTI Oil price is up 3.75%, above $74.00. Given that Canada is a net energy exporter, higher oil prices bode well for the Canadian Dollar. Canadian Dollar Price Today The table below shows the percentage change…

The US Dollar to Canadian Dollar (USD/CAD) exchange rate has eased back to around 1.4160 after retreating from June’s highs above 1.42, with the Canadian Dollar finding support from firmer oil prices and improving risk sentiment. Latest — Exchange Rates:Dollar to Canadian Dollar (USD/CAD): 1.41574 (-0.07%)Pound to Canadian Dollar (GBP/CAD): 1.897869 (-0.13%)Euro to Canadian Dollar (EUR/CAD): 1.616046 (-0.23%) ING believes the Canadian Dollar can remain relatively well supported in the near term, although it does not expect USD/CAD to fall back below the key 1.40 level over the next couple of months. The bank notes that higher oil prices and…

Iran expands attacks on Gulf states after US strikes, says Strait of Hormuz closed

 The EUR/JPY cross trades in positive territory around 184.65 during the Asian trading hours on Monday. However, the potential upside for the cross might be limited as heightened geopolitical tensions in the Middle East could boost a safe-haven currency. Furthermore, speculation over domestic asset shifts could underpin the Japanese Yen (JPY) against the Euro (EUR). Japan’s Finance Minister Satsuki Katayama said on Friday that the government is pursuing measures that would include the Government Pension Investment Fund (GPIF) to make “substantially greater investments in Japanese financial assets. Analysts said this move could offer greater support to ‌the battered currency than intervention.Technical…

The Kiwi topped the G10 FX leaderboard on Thursday as stronger economic data, narrowing Australia-New Zealand rate differentials and improving technicals aligned in its favour.Manufacturing survey delivers blockbuster upside surprise RBNZ tightening cycle gains fresh credibility RBA rate expectations continue to unwind technical breakdown gains momentum breakout shifts focus higher New Zealand may be on holiday, but the Kiwi dollar certainly wasn’t on Thursday. It topped the G10 FX leaderboard after strong data reinforced the RBNZ’s message from earlier this week that further rate hikes are likely.Factory Floor Fires UpThe catalyst for the outperformance was a blockbuster BNZ PMI. The…

The US Dollar to Canadian Dollar (USD/CAD) exchange rate has eased back to around 1.4160 after retreating from June’s highs above 1.42, with the Canadian Dollar finding support from firmer oil prices and improving risk sentiment. Latest — Exchange Rates:Dollar to Canadian Dollar (USD/CAD): 1.41574 (-0.07%)Pound to Canadian Dollar (GBP/CAD): 1.897869 (-0.13%)Euro to Canadian Dollar (EUR/CAD): 1.616046 (-0.23%) ING believes the Canadian Dollar can remain relatively well supported in the near term, although it does not expect USD/CAD to fall back below the key 1.40 level over the next couple of months. The bank notes that higher oil prices and…

The US Dollar to Canadian Dollar (USD/CAD) exchange rate has retreated to around 1.4160 after reaching highs above 1.42 earlier this month, with the Canadian Dollar showing signs of stabilising following its steep May and June losses. Scotiabank believes the CAD sell-off may have run its course as short-term US-Canada interest-rate spreads reverse some of their earlier widening. The bank expects Canada’s June labour-market report to be an important near-term test. Economists forecast a 10,000 increase in employment, unchanged unemployment at 6.6% and a modest rebound in wage growth. Scotiabank notes that May delivered an unusually strong 87,800 rise in…

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