International News 10 March 2025
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Official! Mark Carney Replaces Justin Trudeau as Canada's Prime Minister
Mark Carney, former central banker, has been elected as the leader of Canada's ruling Liberal Party and will succeed Justin Trudeau as the country's Prime Minister.This victory comes at a challenging time for Canada, as it is currently involved in a trade war with the United States and is also preparing for a general election. During his campaign, Carney voiced criticism of President Donald Trump, accusing him of undermining Canada's economy and stating that they cannot allow him to succeed. Carney emphasised that his leadership will bring about significant changes and that they will need to take unprecedented actions at a faster pace.Trudeau had previously announced his resignation, which has led to the immediate selection of his replacement.
Latest Economic Calendar, Check Data Releases that Could Affect the Market
On Monday, 10 March 2025, the global economic calendar is busy with a range of data releases that could impact major currencies, including the USD, EUR, GBP, JPY, AUD, CAD, NZD, and CHF.Of particular importance is the release of the CB Employment Trends Index data, which can provide insights into the state of the US labour market. Key points to note include the expected increase in the CB Employment Trends Index, the 3- and 6-month Treasury auction results that may affect bond yields and attract foreign investors for the USD, and for the EUR, attention should be given to German export and import data, trade balance, industrial production, PPI, Sentix Investor Confidence, and the BTF Auction results. These data releases may impact the movement of the respective currencies and provide insights into economic conditions.
Oil prices soar after Trump threatens Russia sanctions
World crude oil prices rebounded after two days of gains, with a rise on Friday following US President Donald Trump's warning of possible new sanctions against Russia. The price of WTI crude oil rose by 1.02% to US$67.04 per barrel, while Brent crude oil rose by 1.30% to US$70.36 per barrel. However, despite this positive movement, the overall trend for the week was down, with WTI and Brent crude oil prices falling by 3.90% and 3.85% respectively. This decline was partly driven by Trump's threat of sanctions against Russia if a ceasefire is not reached with Ukraine. In response to these geopolitical tensions, Brent crude oil prices peaked at US$71.40 per barrel and WTI crude oil reached US$68.22 per barrel.