Cryptos: All News & Analysis

Jobless claims may offer well-timed comfort for the Federal Reserve

European stocks ended the day relatively flat while tech is enjoying a bounce in the US on the back of a spike in jobless claims, perhaps an early sign of the labor market weakening. A well-timed spike in US jobless claims Jobless claims spiked last week in what could be the start of another trend higher after stabilizing over the last few months. Claims had been expected to rise much earlier than this but for one reason or another, they've stayed remarkably steady.

08-06-2023 13:41 GMT by Craig Erlam

Podcast-Thumbnail-Orange-–-1280x720-1.png

Podcast - China trade, BoC hike, SEC goes after crypto

OANDA Senior Market Analyst Craig Erlam joins Jonny Hart and Trader Nick to discuss the big stories of the day. They talk about the Chinese trade data, Australia GDP, Bank of Canada, Oil, Gold and the SEC lawsuit against Binance and Coinbase.

07-06-2023 14:29 GMT by Craig Erlam

Bitcoin turns positive as SEC plays Whac-A-Mole with crypto exchanges

Gensler "These trading platforms, they call themselves exchanges, are commingling a number of functions" Gensler "Look, we don’t need more digital currency" Bitcoin rebounds after falling to lowest levels since March The SEC looks like it is playing Whac-A-Mole with crypto exchanges. The first crypto exchange to get the regulatory hammer was Binance, the world’s largest crypto exchange. The next crypto exchange to get hit with an SEC lawsuit was Coinbase and it seems like this is just the beg

06-06-2023 12:53 GMT by Edward Moya

Saudis solo-cut oil pop faded, Gold rises, Crypto crushed as Binance Sued by SEC

Saudis raises prices to Asia after surprise solo-output cut Gold rises as Fed hike odds edge lower after soft ISM services report SEC goes after Binance and CZ Oil The Saudis are going at it alone in doing whatever it takes to stabilize oil prices. The Saudi problem is that energy traders aren’t believing the kingdom has enough power to sway all OPEC+ to deliver meaningful action. The Sunday decision to deliver a solo-cut triggered a near 5% jump on the open, but that quickly disappeared.

05-06-2023 14:01 GMT by Edward Moya

Services PMIs point to broader economic weakness

A raft of weaker services surveys have weighed on sentiment in Europe at the start of the week while Wall Street is more of a mixed bag. Investors are still digesting Friday's jobs report which didn't settle the debate on whether the Fed should pause or not ahead of the meeting next week. There were positives and negatives in the report but ultimately now it comes down to the inflation data next week. The services PMIs today have broadly disappointed despite remaining in a healthy position.

05-06-2023 12:15 GMT by Craig Erlam

Energy traders afraid to be short heading into OPEC weekend meeting

JMMC and OPEC+ ministerial meeting on Sunday June 4th Gold's weekly gain hurt as traders price in one more hike Bitcoin holds onto $27,000 for now Oil Crude prices are having a strong finish to the week after the US jobs report showed the economy is not ready to head into a recession. Oil was heavier throughout the earlier part of the week on disappointing Chinese data and expectations that OPEC+ would not be able to deliver more production cuts despite the Saudi warning to short-sellers.

02-06-2023 11:34 GMT by Edward Moya

Markets buoyed by debt ceiling deal but US jobs report was always the main event

A debt ceiling fiasco has been averted late in the day and markets are ending the week on a positive note, as traders turn their attention to the US jobs report. Rarely do you have a situation in which everyone appears to be in agreement but we've seen over the last few weeks that no one at any stage thought a US default was a realistic possibility. Brinkmanship in Washington is part of the theatre of the negotiation but the idea that Congress would ever intentionally allow the US to default is

02-06-2023 08:29 GMT by Craig Erlam

Some optimism going into the jobs report but ADP keeps traders on their toes

Eurozone inflation data gave investors cause for optimism today while the US ADP report may make some people nervous ahead of tomorrow's jobs data. A rare positive surprise from eurozone inflation data We had a rare positive inflation surprise today, with both headline and core eurozone HICP releases coming in much lower than expected. While energy was largely behind the decline in the headline rate - as it has been since it peaked in October - services inflation moderated last month, with the l

01-06-2023 12:08 GMT by Craig Erlam

Oil finds support, Gold rallies into NFP, Bitcoin struggles

Gasoline fell on a weekly basis but increased by 1.3% with the 4-week average US crude inventories hit highest levels since May 12th Gold eyes $2000 level ahead of NFP Oil Crude prices were initially lower after a surprising large build was followed by a global round of disappointing manufacturing data that did not do any favors for the demand outlook. Energy traders are not sure what to expect with the upcoming OPEC+ weekend meeting. Trying to get a read on what Russia will do at the upcomin

01-06-2023 11:47 GMT by Edward Moya

Stocks lower as debt deal and more Fed tightening has economy recession bound

US stocks are falling as the expected debt deal will prove to be negative for the economy as limited spending along with more Fed tightening will send the economy to a recession at the end of the year. The US doesn’t look like it will default, but recession worries, possibly stagflation risks, will make life hard for risky assets. Debt Vote The divided House will soon vote on the bill, needing a 218-vote majority for it to advance to the Senate. Voting is expected to start at 330pm est an

31-05-2023 15:57 GMT by Edward Moya

Gold rallies as debt deal progress sends Treasury yields lower

Russian oil shipments weaken but still well above last year's average Gold finds support after tumbling towards Mid-March low Bitcoin hits two-week high but still appears to be firmly anchored Oil Oil is on the ropes as upcoming week will likely contain further confirmations that China’s recovery is struggling, the US labor market is cooling, the Fed will likely deliver more tightening that will eventually cripple the economy later this year, and as everyone waits to see if the debt deal can m

30-05-2023 14:24 GMT by Edward Moya

Another setback for central banks as inflation remains stubborn and spending strong

The Fed may not be done after all Investors may have underestimated the pace of disinflation this year if economic data this week is anything to go by, with US figures today further enforcing the view that price pressures are stubborn and spending healthy. The headline PCE price index brought the biggest surprise, jumping 0.4% on the month against expectations of zero increase, but the core reading also brought an upside surprise, as did spending which jumped 0.8%, double the consensus view. Sud

26-05-2023 12:39 GMT by Craig Erlam

Oil higher on debt deal optimism and resilient US economy, gold struggles, Crypto steadies

Energy traders carefully monitoring for any Russian-Saudi tensions Hawkish data and debt deal optimism weigh on gold Cryptos benefitting from today's broader market rally Oil Crude prices are rising after another round of impressive economic data exemplifies how resilient the US economy remains. Debt deal negotiations appear to also be heading in the right direction, but talks could easily fall apart as the far wings of both parties will need to make concessions. Energy traders might refrain fr

26-05-2023 12:24 GMT by Edward Moya

Novak and USD crush oil prices, Gold and Bitcoin diverge

Dollar rally sends gold to lowest levels since March and the yen to the weakest levels since November Russian/Saudi in focus as Novak clarifies earlier comments Bitcoin outperforming gold as it continues to hold onto critical support Oil Crude prices are weakening as king dollar returns and after Russia slashes any Saudi hope of delivering another production cut at the June 4th meeting. Russian Deputy Prime Minister Alexander Novak said, "I don't think that there will be any new steps, becaus

25-05-2023 15:42 GMT by Edward Moya

Investors forced to reconsider interest rate forecasts amid disappointing data

UK interest rate expectations rise after inflation data We're seeing very mixed trade on Thursday, with the Nasdaq making strong gains of more than 1.5%, the Dow and S&P treading water, and Europe mostly in the red. Once more there's a heavy focus on central banks and whether investors have been too optimistic about when and where the peak in interest rates will come, and by extension how soon after they'll fall. UK inflation data on Wednesday was very disappointing, despite finally falling bac

25-05-2023 11:32 GMT by Craig Erlam

Energy Prices remain strong as most commodities weaken on debt deal and growth concerns

EIA Report: Inventories fall by 12.46 million barrels vs 932K expected build Gold struggles as sticky inflation could support Fed skip Global crypto market cap falls to $1.1 trillion Oil Oil is starting to turn bullish as demand shows signs of improvement also while energy traders heed the Saudi warning given to short-sellers. The EIA crude oil inventory was mostly bullish as demand improved across crude, distillates and gasoline. Crude has been dragged down as debt ceiling talks are still h

24-05-2023 16:00 GMT by Edward Moya

The RBNZ is seemingly done but UK inflation data shows the BoE has a lot to do

It's been a tough start to the trading day, with UK inflation data sending worrying signals while the RBNZ seemed to declare job done in its inflation battle. Bitterly disappointing inflation report from the UK The headline UK inflation number may look like a massive step in the right direction in April but the reality is that there's far more to be concerned about in the report than happy. On the one hand, inflation has slipped significantly from 10.1% to 8.7%.

24-05-2023 04:47 GMT by Craig Erlam

Oil sellers fret over Saudi threat, API Inventory decline 6.799 million barrels

API inventory data posts 6.799 million barrel drop vs 0.525 million expected build, Cushing rises 1.71 million Gold steadies as dollar rally extends Bitcoin streak of monthly gains is in jeopardy Oil On Wall Street, we have the mantra of ‘Don’t fight the Fed’, but that is currently being tested as investors continue to price in rate cuts for later this year. Energy traders have quickly learned that when it comes to oil prices, you ‘Don’t fight the Saudis’ as they will do whatever it takes to d

23-05-2023 16:36 GMT by Edward Moya

Traders hesitant as debt ceiling talks continue, IMF cautiously optimistic, more Saudi warnings

Equity markets are broadly lower on Tuesday as traders monitor debt ceiling talks in Washington, take note of new IMF forecasts, and hear fresh warnings from the Saudi Energy Minister. Once again, it's been a relatively lively day as far as headlines are concerned and yet there's still a feeling of hesitance in the markets. We're still waiting to see a resolution on the debt ceiling, which will undoubtedly come, after more promising talks between President Biden and House Speaker McCarthy. At th

23-05-2023 10:55 GMT by Craig Erlam

A big week to come despite a sluggish start to the week

It hasn't been the most thrilling start to the week but that is highly unlikely to continue, with debt ceiling talks, inflation releases, PMIs and Fed minutes all to come. Today we'll have to settle for comments from some Fed policymakers and while James Bullard's claim that we should see two more hikes this year may have done more than the morning coffee to wake some people up this Monday morning in the US, the reality is we can take those comments with a relative pinch of salt at this point. W

22-05-2023 11:58 GMT by Craig Erlam

Cryptos: all news & analysis