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On November 30th, Canadian Solar announced that it plans to adjust its US market business by establishing two new joint ventures, M and N, with its controlling shareholder, Canadian Solar Inc. (CSIQ). CSI will hold 24.9% of the shares, and CSIQ will hold 75.1%. Company M will focus on the US photovoltaic business, while Company N will focus on the US energy storage business. Simultaneously, the company plans to restructure its US manufacturing plant, with CSIQ holding 75.1% and CSI holding 24.9%, to obtain a one-time equity transfer consideration and subsequent ongoing equity gains from the 24.9% stake in the US business. This transaction and the waiver of commitments have been approved by the board of directors and are subject to shareholder approval.On November 30th, Baili Tianheng announced that its wholly-owned subsidiary, SystImmune, recently received a $250 million milestone payment from BMS. According to the cooperation agreement, the company is also eligible for up to $250 million in near-term contingent payments, as well as additional payments of up to $7.1 billion upon achieving specific development, registration, and sales milestones.On November 30th, Zhuochuang Information announced that it submitted an application to the Hong Kong Stock Exchange on November 28th, 2025, for the issuance of overseas listed shares (H shares) and listing on the Main Board of the Hong Kong Stock Exchange. The application materials for this issuance and listing were also published on the Hong Kong Stock Exchange website on the same day. The issuance and listing are subject to approval, authorization, or filing by relevant government agencies, regulatory bodies, and stock exchanges, and will be implemented only after comprehensive consideration of market conditions and other factors. Therefore, the matter remains subject to uncertainty.On November 30th, Japanese Finance Minister Satsuki Katayama stated on Sunday that the recent sharp fluctuations in the foreign exchange market and the rapid depreciation of the yen were clearly not driven by fundamentals. "Our position is to issue a warning about such events," Katayama said. She reiterated that currency intervention is still possible in response to excessive yen volatility and speculative movements. This aligns with the September Japan-US joint statement, which stated that exchange rates should be determined by the market. On Monday, the market will closely watch for comments from Bank of Japan Governor Kazuo Ueda to see if he signals a possible interest rate hike at the Bank of Japans December meeting.The Kurdistan Regional Governments Electricity Department: Operations at the Khormor oil field have resumed, and the transmission of natural gas to the power plant began at 2:00 AM.

AUD/USD demonstrates pre-Fed anxiety near 0.64 ahead of the US ADP Employment Change

Daniel Rogers

Nov 02, 2022 17:54

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Ahead of Wednesday's key Federal Open Market Committee (FOMC) meeting, traders become cautious, causing AUD/USD to bounce around 0.6400. Traders of the Australian dollar-United States dollar pair are challenged by both pre-Fed anxiety and China- and U.S.-related concerns during a poor Asian session.

 

However, recent strong US data reinforced expectations for hawkish Fed action and defied the market's initial anticipation that officials will signal fewer rate hikes beginning in December. However, increased recession fears and rising price pressure look to present a challenge for both Fed hawks and AUD/USD bears.

 

Despite this, the US JOLTS Job Openings increased to 10,717M in September, compared to the forecast of 10.0M and the upwardly revised readings of 10.28M. In addition, the US ISM Manufacturing PMI rose to 50.2 in October, compared to market forecasts of 50 and a previous reading of 50.9. Final readings of the US S&P Global Manufacturing PMI for October exceeded 49.9 preliminary predictions to reach 50.4, but stayed below the 52.0 readings from the prior month.

 

In contrast, the Reserve Bank of Australia's (RBA) preparedness to offer additional rate hikes, after announcing the second increase of 25 basis points (bps) to the benchmark rate the previous day, benefits AUD/USD buyers. During his scheduled speech on Tuesday, Reserve Bank of Australia (RBA) Governor Philip Lowe noted, "Rates have been significantly increased in a very short period of time." According to the official, the board has determined that a more gradual rate rise is necessary.

 

Aside from this, prospects of reducing covid restrictions in China and the recently higher China Caixin Manufacturing PMI for October may have helped AUD/USD buyers in the past, despite being the third consecutive reading below 50.

 

Yields remain unchanged at 4.05% following a solid start to November, while S&P 500 Futures register moderate gains despite Wall Street's poor close.

 

Consequently, AUD/USD pair traders should keep an eye on risk triggers and Australia's September Building Permits for fresh market impetus. Also essential will be the US ADP Employment Change for the month of October, as it gives an early indicator for Friday's US Nonfarm Payrolls report. However, significant emphasis should be placed on the Fed's ability to transmit a brake on the rapid rate hikes.

 

Combined with the AUD/USD pair's resistance to dip below the 10-DMA support near.6390, Tuesday's daily candle gives buyers hope. A downward-sloping resistance line from the beginning of August, which was near 0.6480 at the time of writing, challenges the upward momentum of the quote.


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