AMERICAS REFINING: Canada’s Largest Refinery to Upgrade FCC
Jun-05 16:46
Irving Oil plans to spend C$100m to modernise an FCC unit at its 298k b/d St John refinery on Canada’s East Coast, the company said in a press release. Work will begin this month.
- “Work will be completed in a phased approach over the summer and fall, beginning in June,” Irving said in a press release.
- The refinery is the largest in Canada. It exports gasoline and diesel ton US northeast states such as Maine, Bloomberg said.
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FED: US TSY 10Y AUCTION: NON-COMP BIDS $147 MLN FROM $42.000 BLN TOTAL
May-06 16:45
- US TSY 10Y AUCTION: NON-COMP BIDS $147 MLN FROM $42.000 BLN TOTAL
TARIFFS: Trump & Carney Strike Conciliatory Tone In Oval Office 1/2
May-06 16:39
US President Donald Trump has greeted Canadian Prime Minister Mark Carney in the Oval Office with a lighter tone than expressed on social media ahead of the meeting.
- Trump told reporters, when asked if the USMCA is dead: “No, its been very effective but people have to follow it.” He adds that USMCA was a “transitional deal”, says: “We will start to possibly renegotiate it.” Carney concedes that “some things about USMCA will have to change.”
- Trump appears open to the suggestion that his first trade deal could be with Canada, adding that he has “respect” for Carney and Canadians. Trump refuses to be drawn on concessions he wants from Canada. Says “friendship”.
- Trump downplays his comments on Canada becoming the 51st US state, saying it would be much better for Canada but he and Carney probably won’t discuss it. Carney says in a short reply that Canada, “is not for sale”.
- Carney notes that Trump’s leadership has helped drive greater Canadian defence spending and revitalised NATO – a key pillar of Ottawa’s pitch to Trump.
- Trump says he and Carney both want to “protect their automobiles.” He notes that the US and Canada both have “more energy than they can sell”.
- On China, Trump says "they wanna meet and they're doing no business right now... those ships are turning around in the Pacific Ocean..." Trump claims, "by not trading, we're losing nothing... We're saving a trillion dollars..." Trump adds: "They want to negotiate and we'll be meeting with them at the right time..."
FOREX: USDCAD Pressing Towards Cycle Lows Amid Trump Comments
May-06 16:28
- There has been limited reaction in the currency markets to the latest rhetoric from US President Trump, speaking with Mark Carney at the Whie House. The pop higher for equities, albeit brief, provides a bit of support for USDJPY’s intra-day recovery, momentarily rising above 143.00 before trading lower once more.
- It’s the comments on USMCA that potentially provide a bit more significance, as President Trump voices an opinion that it’s still very effective, and suggests he doesn’t know if it’s necessary to renegotiate the agreement anymore.
- Both MXN and CAD have traded to session highs on the back of this, with USDMXN largely respecting the short-term range between 19.55/75 and USDCAD narrowing the gap to last Friday’s (and cycle) lows of 1.3760.
- Potential is seen for a move towards 1.3744, a Fibonacci retracement. Note that moving average studies are in a bear mode position, highlighting a dominant downtrend for USDCAD.
