Cryptos: All News & Analysis

Oil gets a boost from surprise Russia output cut news but falls on weak ISM report

Saudi Arabia commits to extending voluntary cut of 1 million bpd Russia to reduce oil exports by 500K bpd US Manufacturing Activity drops the most in 3 years Oil The bottom is in place for oil after the Saudis and Russians play nice. The oil market got a boost after the Saudis extended their production cuts and Russia surprised everyone with an export cut announcement of 500,000 bpd. The Saudi extension should have been expected by everyone, but the Russian export cut news did surprise many e

03-07-2023 10:40 GMT by Edward Moya

Oil is ready to rally, Gold stabilizes, SEC sends Bitcoin towards $30K

Oil Oil’s fourth straight quarterly decline should be its last one. WTI crude is trying to stabilize above the $70 level as the oil market is destined for a deficit in the second half of the year. The crude demand outlook has too much doom and gloom priced in as the US and China outlooks should remain upbeat. China might be buying cheaper discounted Russian crude, but soon they will require more and those purchases could broaden as they slowly deliver more economic stimulus.

30-06-2023 10:26 GMT by Edward Moya

Eurozone inflation data brings some relief for the ECB but tightening cycle likely not over

European stocks are ending the week on a high, buoyed by another encouraging inflation report that will soon support the end of the ECBs tightening cycle. Not only did the headline HICP rate fall further than expected, but the slight rebound at the core level - driven largely by unfavourable base effects, largely attributed to German transport subsidies last year - was lower than expected.

30-06-2023 08:43 GMT by Craig Erlam

More resilient economic data increases the risk of a harder landing eventually

It's been a mixed trading session on Thursday as we get more evidence of economic resilience from the US which has left investors wondering whether they've once again underestimated how much monetary tightening is going to be necessary. This has been a common theme this year with markets repeatedly reflecting a far more optimistic outlook on interest rates despite the economic figures continuing to outperform. Investors are finally, reluctantly, coming around to the Fed's way of thinking althoug

29-06-2023 12:49 GMT by Craig Erlam

Bitcoin edges higher as Coinbase asks court to dismiss SEC lawsuit, Commodities pare earlier losses

Bitcoin continues to hold onto the $30,000 level as crypto traders await any decision with Bitcoin ETFs or with pending SEC lawsuits. Today, Coinbase Chief Legal Officer said, “Coinbase just doesn’t list securities, period.... We have always looked to add assets that are appropriate for not only our customers, but consistent with our lawful authority." Coinbase is hoping to get a dismissal of the SEC lawsuit that it failed to properly register its business. An immediate decision might be toug

29-06-2023 12:30 GMT by Edward Moya

All eyes on the ECB forum as central bank heads join panel discussion

Equity markets are cautiously higher in Europe while the US is poised to open relatively flat as we await appearances from the heads of the Fed, ECB, BoE and BoJ. Fed Chair Jerome Powell, ECB President Christine Lagarde, BoE Governor Andrew Bailey, and BoJ Governor Kazuo Ueda are due to take part in a panel discussion at the ECB Forum on Central Banking around the opening bell in the US and their comments could set the tone for the rest of the day.

28-06-2023 08:02 GMT by Craig Erlam

Tightening fears take down oil & gold, Fidelity eyes another Bitcoin ETF attempt

Oil It’s going to take a lot to change the minds of energy traders. Fears of a weaker global growth outlook are not going away anytime soon.

27-06-2023 14:26 GMT by Edward Moya

A slow start to the week, central bank speak and key data eyed

It's been a relatively slow start to the week so far but things are likely to pick up with more appearances from prominent central bankers and key data due for release in the coming days. Equity markets are a little higher early in the European session after what has been a tough couple of weeks. Stubborn inflation has investors concerned that there may be a much heavier economic price to pay for restoring price stability which appears to have shaken confidence a little. Not only are more rate h

27-06-2023 04:29 GMT by Craig Erlam

Week Ahead - Inflation and Recession Risks

While Europe appears at great risk for a recession as traders bet on aggressive rate rises by all the European central banks, the Fed is still expected to be nearing the end of their respective rate hiking campaign. The focus in the US will fall on the PCE readings. If inflation comes down as expected, the swap futures might grow even more confident that the Fed will only deliver one more rate hike.

23-06-2023 15:16 GMT by Edward Moya

Economic jitters hurt oil and boost gold, Crypto unfazed

Recession risks drive safe-haven flows gold's way Oil has worst weekly decline since May Bitcoin tests highest level in a year Oil Oil prices are declining on fears that a European recession and delayed stimulus from China will spell trouble for the global growth outlook. Next week, the heads of the major central banks will gather in Portugal and likely signal a commitment to tackle inflation with aggressive rate hikes. Energy traders are worried that the Fed and friends might cripple econom

23-06-2023 10:32 GMT by Edward Moya

Oil and gold tumble as central bank tightening threatens global outlook, Bitcoin at $30k

Oil Oil prices are going to remain heavy as central bank tightening will kill the global growth outlook. Energy traders will keep a close eye on today’s stockpile that might show a modest draw. The oil market will remain heavy until European inflation eases. Brent crude could make a run towards the $70 region but should rebound once we finally see significant easing come from Beijing. A bullish EIA crude oil inventory report was unable to stop WTI crude's selling pressure. Stockpiles decl

22-06-2023 13:39 GMT by Edward Moya

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Podcast - BoE, SNB and CBRT raise rates, bitcoin hits $30,000

OANDA Senior Market Analyst Craig Erlam joins Jonny Hart and Trader Nick to discuss the latest interest rate decisions from the BoE, SNB, and CBRT, Wednesday's testimony from Fed Chair Jerome Powell and bitcoin hitting $30,000.

22-06-2023 10:29 GMT by Craig Erlam

Stocks lower as Hawkish Powell doubles down on tightening threat

Dollar drops after 3-day rally Powell remains hawkish; bringing down inflation has a long way to go Fed swaps price in a 69.2% chance of a hike at the July 26th FOMC meeting US stocks declined as Fed Chair Powell’s testimony to the House affirmed the Fed’s threat of higher rates to combat inflation. Wall Street should not have been surprised by Fed Chair Powell’s commitment to vanquish inflation, but swap futures are still only pricing in one more rate hike. Powell reiterated that the economy

21-06-2023 16:41 GMT by Edward Moya

US return could boost activity, focus remains on BoE and UK inflation

Stock markets remain slightly in the red on Tuesday but activity should pick up with the return of Wall Street from the long bank holiday weekend. The focus this week remains on the central banks and whether we are as close to the end of the tightening cycle as everyone wants to believe. While there is the temptation to take what the Fed and others say with a small pinch of salt given their record over the last couple of years and the fact that any pivot was always likely to come late, they hav

20-06-2023 04:49 GMT by Craig Erlam

All eyes on the BoE this week

It's been a quiet start to the week with stocks edging lower in light trade due to the US bank holiday. It feels like last week may have left us with more questions than answers in that the US inflation data was ok, not great, the Fed paused while forecasting multiple more hikes, and the ECB hiked while insisting more is to come. Now it's up to the BoE to continue its firefighting mission; one that is at risk of getting out of control despite the MPC's efforts to contain it. Of all the major e

19-06-2023 13:25 GMT by Craig Erlam

Ending the week on a positive note, more central banks next week

Markets are ending the week on a positive note but there remains enormous uncertainty around inflation and interest rates that looks set to continue throughout the summer. Expectations are changing considerably on a very regular basis, with markets now pricing in no rate cuts in the US this year but a strong chance of one more hike, which still falls short of the median two from the Fed dot plot. The central bank opted to buy itself time on Wednesday which may prove to be a good decision given t

16-06-2023 11:10 GMT by Craig Erlam

Oil still volatile near lows, gold recovers early losses, bitcoin slips further

Oil volatile near lows Oil prices remain volatile after inventory data published by EIA reported a substantial 7.9 million barrel build last week. Brent saw its gains on the day wiped out while WTI slipped back below $70.

15-06-2023 12:26 GMT by Craig Erlam

Oil finds support, Gold crushed on global central bank tightening, Cryptos waver

China's oil demand stood at 14.6 million bpd, +17% y/y, but down from a month ago Strong dollar killing gold as more rate hikes penciled in by Fed Global crypto market barely holds onto the $1 trillion level, down 3.5% to $1.02T Oil Crude prices are trying to find support as the global growth outlook remains vulnerable to further shocks from aggressive rate hiking campaigns. The Fed will keep the short-term outlook volatile as they are eyeing further rate hikes, while China rushes to deliver s

15-06-2023 10:30 GMT by Edward Moya

All eyes on the Fed, bitcoin struggling

The big day has finally arrived and investors are seemingly in quite an upbeat mood going into the Fed interest rate decision. The inflation data on Tuesday appears to have settled any remaining Fed nerves with markets now pricing in more than a 90% chance that the central bank leaves rates unchanged. That seems a little overconfident given the data as a whole still paints quite a resilient and stubborn picture which could result in markets being caught out by a final hike, especially following

14-06-2023 12:08 GMT by Craig Erlam

Oil shorts are in control, Gold and Bitcoin remain heavy

Oil's 4% drop takes prices to a three-month low Gold lower but still holding key range Bitcoin remains heavy as some traders move to DeFi exchanges Oil Oil has easily become a favorite short on Wall Street. The oil market doesn't appear like it will get tight anytime soon on fears that China’s weak post-COVID recovery won’t be improving anytime soon and as Russia continues to sell more oil to China and India. In addition to all the bearish drivers, some notable oil bulls are abandoning their a

12-06-2023 15:51 GMT by Edward Moya

Cryptos: all news & analysis