Cryptos: All News & Analysis

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

Commodities and Cryptos stuck in wait-and-see mode

OPEC must be frustrated oil prices have yet to stabilize Gold struggles after hawkish Fed speak Bitcoin vulnerable but still holding lower boundaries of key range Oil Crude prices are in no man’s land as energy traders look to see what happens with both debt ceiling talks and with US and China tensions. Chevron’s acquisition of driller PDC Energy will help their operations in the US production basins, but that doesn't mean we will see an immediate impact with US output over the short-term.

22-05-2023 11:53 GMT by Edward Moya

Gold rebounds on Powell Pause hopes and Debt-Limit Roadblock

US oil rig counts fall 11 to 575 Gold starts to get shine back as safe-haven demand returns Bitcoin steadies near lower boundaries of trading range Oil Crude prices were having a great week as the US economic outlook dramatically improved as lawmakers seem likely to reach a deal on the debt ceiling. Debt ceiling optimism quickly disappeared on Friday and that sent oil prices sharply lower. The news wasn’t all negative for crude prices as Fed Chair Powell paved the way for a June hold. China

19-05-2023 13:16 GMT by Edward Moya

Cause for optimism amid positive debt ceiling talks and good news on UK consumers

It would appear we're heading into the weekend on a slightly more upbeat note, with stock markets posting decent gains, optimism rising over debt ceiling negotiations, and UK consumers feeling a little less downbeat on their prospects. Still pessimistic but a step in the right direction UK consumers are pessimistic as ever, albeit slightly less so according to the latest survey from GfK. Sentiment improved slightly to -27 this month, the highest since before Russia invaded Ukraine, but still wel

19-05-2023 10:00 GMT by Craig Erlam

Stocks supported on Debt Deal optimism, strong dollar weighs on commodities and cryptos

US stocks are rising as the biggest risk on Wall Street’s table appears to be going away. Speaker McCarthy said that the House could vote on the debt ceiling deal as soon as next week.

18-05-2023 13:34 GMT by Edward Moya

Traders unmoved by BoE comments, US outlook a concern despite better data

MPC grilled as the central bank continues to fight double-digit inflation We heard from some Bank of England policymakers earlier as they were grilled by the Treasury Select Committee on quantitative tightening, among other things naturally. Bailey and colleagues were quite consistent in their messaging and it's probably what the Governor said on Wednesday that raised a few eyebrows as he insinuated that the UK could be seeing a wage-price spiral which could complicate returning inflation to 2%

18-05-2023 11:50 GMT by Craig Erlam

Some positives for the BoE from UK jobs data, Chinese figures less good

Stock markets are treading water on Tuesday, with jobs number from the UK not inspiring and Chinese data also highlighting weakness in the recovery. Some positives for the BoE to cling to UK jobs data was a mixed bag this morning as wages accelerated again to 6.7%, excluding bonuses, while unemployment also ticked higher as inactivity fell. The Bank of England will no doubt be concerned about the pace of wage growth, with it not being consistent with inflation returning to 2%.

16-05-2023 07:04 GMT by Craig Erlam

Erdogan looks likely to cling to power but will need a run-off to secure victory

It's been a relatively quiet start to the week for markets but the election in Turkey and economic forecasts from Europe have given us plenty to think about. The Turkish election has been front and centre at the start of the week and the race for President is set to continue with a runoff in two weeks. President Erdogan performed better than the polls were expecting but fell short of the 50% needed to secure victory. The big winner was arguably Sinan Ogan who received 5.2% of the vote and could

15-05-2023 14:51 GMT by Craig Erlam

Oil rebounds on weaker dollar, Gold wavers, Bitcoin off two-month lows

Oil falls $10 since beginning of the year Gold steadies after three-day drop Crypto ETFs see $163 million in net outflows in the past month Oil Crude prices pared gains after a disappointing Empire State manufacturing report showed the Fed’s aggressive rate hiking campaign is starting to really knock down the economy. Turkey’s Ceyhan port has yet to resume flows with Baghdad, and government approval might take longer given the lack of clarity with the presidential election. The dollar rally h

15-05-2023 11:21 GMT by Edward Moya

Podcast - Dollar poised for best week since February as stagflation risks return

OANDA Senior Market Analyst Ed Moya reviews the latest market news with Jonny Hart and Trader Nick. They recap this week's key drivers for dollar strength, a strong surge with inflation expectations, the BOE's rate hike, oil's bad week, gold's macro backdrop, and cryptos.

12-05-2023 14:08 GMT by Edward Moya

Strong dollar takes down oil, gold, and crypto

US SPR hovers around 362 million barrels, down from 593 million seen at beginning of 2022 Gold ETFS net purchases post largest one-day increase since mid-April Bitcoin falls to a 2-month low Oil Crude prices are getting punished as the dollar rally extends. Several oil headlines have provided mixed signals for energy traders; Iraq and Canadian supplies have seen some disruptions, while Iraq signals that there will be no additional reduction from OPEC+. Iraq oil minister Hayan Abdel-Ghani als

12-05-2023 13:53 GMT by Edward Moya

Cryptos: all news & analysis