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Market news: U.S. officials will meet with a Ukrainian delegation at 9 a.m. Sunday in South Florida.November 30th - OPEC+ is about to hold a meeting to assess the global oil market. Given the increasingly apparent signs of oversupply, the alliances oil-producing countries are still expected to pause supply increases in the first quarter of next year. Several representatives indicated that the Saudi- and Russian-led alliance is likely to adhere to the plan reached earlier this month to make a modest production increase in December, followed by stable production levels for the first three months of next year. While this pause demonstrates some caution from OPEC and its partners after their rapid resumption of oil production earlier this year, it still leaves the global market facing a significant oversupply in early 2026, potentially putting further pressure on oil prices.Ukrainian President Volodymyr Zelenskyy announced that he has appointed former Ukrainian Ambassador to the United States, Irina Markarova, as his advisor on reconstruction and investment.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.

The USD/JPY pair rises to 137.40 on hawkish Fed Powell comments, BoJ policy, and US employment data

Alina Haynes

Mar 08, 2023 14:02

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The USD/JPY pair has risen to around 137.40 in the early Asian session, following an unusual upward move prompted by hawkish comments made by Federal Reserve (Fed) chair Jerome Powell in his congressional testimony.

 

After a sharp decline on Tuesday, S&P500 futures posted modest gains, which may be indicative of minor short coverings amid a bearish market sentiment. As the likelihood of a U.S. economic recession increased, the US Dollar Index (DXY) reached a three-month high above 105.60 on Tuesday.

 

In his testimony before Congress, Fed Chairman Powell disclosed a new strategy for combating inflation. As the current monetary policy is insufficient to achieve price stability, there will be an increase in interest rates in the future. According to Fed Chairman Powell's testimony, investors should anticipate a greater number of rate hikes than previously anticipated because economic indicators indicate that inflationary pressures are strong.

 

Investors should be aware that this was Powell's first comment on interest rates after observing resiliency in consumer spending and an optimistic labor market in January's economic data.

 

In the future, it will be of the utmost significance to release the US Automatic Data Processing (ADP) Employment Change (Feb) data. The economic data is expected to be 200K higher than the previous release of 106K.

 

Friday's release of Governor Haruhiko Kuroda's concluding monetary policy statement by the Bank of Japan (BoJ) is avidly anticipated by investors in Tokyo. As the economy focuses on increasing the labor cost index, it is highly probable that monetary policy will remain extremely lenient. The market responds in a variety of ways when yields on Japanese Government Bonds are modified (JGBs).


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