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On October 24, U.S. electric car maker Rivian (RIVN.O) agreed to pay $250 million to settle an investor lawsuit and said it hopes to put the legal dispute behind it. Rivian said the settlement will be paid through a combination of $67 million in directors and officers liability insurance and $183 million in existing cash. The core allegation in the case is that Rivian deliberately failed to disclose material information - including plans to increase the price of its first models. In after-hours trading, Rivians stock price was little changed. The stock has fallen about 1.6% so far this year, but it is trading well below its post-IPO high of $172. On the same day that Rivian announced the settlement, the electric car maker also said it would cut 4.5% of its workforce, the second round of layoffs since September.Japans preliminary manufacturing PMI for October was 48.3, compared with 48.5 in the previous month.Japans preliminary composite PMI for October was 50.9, compared with 51.3 in the previous month.Japans preliminary services PMI for October was 52.4, compared with 53.3 in the previous month.On October 24th, according to sources and an internal memo, US oil giant ConocoPhillips (COP.N) will begin layoffs at its Canadian operations next month as part of a 25% global workforce reduction announced last month. The memo did not specify the number of layoffs, but stated that the layoffs would begin in Canada during the first week of November. According to ConocoPhillips website, the company will employ 950 people in Canada by the end of 2024, with production in Canada projected to be 164,000 barrels of oil equivalent per day in 2024.

The AUD/USD Finds Support Around 0.7500 As Attention Turns to Australia's Unemployment Rate

Drake Hampton

Apr 13, 2022 10:10

  • The AUD/USD currency pair has sensed a pullback from 0.7500 ahead of Australia's unemployment rate announcement.

  • Investors are shrugging off stronger US inflation data, but interest rates are poised for a modest increase.

  • Australia's preliminary unemployment rate of 3.9 percent signals outperformance.

 

After a good positive comeback from Tuesday's low of 0.7400, the AUD/USD pair has had a little retreat to about 0.7500. The major has recovered following Tuesday's publication of US inflation. Market participants anticipated an 8.5 percent increase in the US Consumer Price Index (CPI), which prompted some bids in the antipodean.

 

Inflation at a multidecade high and a greater participation rate in the US labor market point to a major rate hike in May's monetary policy. Price pressures on essential items are weighing on the US economy, as evidenced by the US CPI ex-food and energy's weak performance. Inflation in the United States, excluding food and energy, was recorded at 6.5 percent in a mid-market estimate and preceding number.

 

Earlier in the day, the asset fell substantially from last week's high of 0.7662 after the Reserve Bank of Australia (RBA) decided to maintain the current interest rate and take a 'wait and see' strategy. The RBA's monetary policy insights revealed that the government has not yet experienced any constructive price pressures capable of pushing interest rates higher.

 

Market investors will closely monitor the Australian Unemployment Rate, which is due on Thursday, for additional guidance. A early estimate of Australia's unemployment rate reveals a decrease to 3.9 percent from a previous reading of 4%.

AUD/USD

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