Cryptos: All News & Analysis

Oil rally stalls as demand softens, Gold rises post Fed

EIA Report: stockpiles dropped 600K vs -2.12M eyed Crude production falls to 12.2 million bpd (lower boundaries of this year's range) Gold struggles as Fed leaves door open for more hikes Oil Crude prices softened after the EIA crude oil inventory report stockpiles fell less-than-expected as surging gasoline prices weighed on demand. Gas is almost over 10 cents a gallon according to AAA and that rising trend might continue going to the end of summer. Crude exports also rose above the 4 milli

26-07-2023 15:29 GMT by Edward Moya

Oil reaches 3-month high, Gold and Bitcoin edge lower

Oil Crude prices are tentatively breaking out as expectations remain for the oil market to remain tight despite all global weakness that is emerging. The rally in crude oil is impressive as it occurs as Europe is looking very weak right now, the US is slowing down, and China’s Politburo isn’t expected to unveil major stimulus this week. Oil is also getting a boost from Wall Street as optimism grows the end of the Fed’s rate hiking campaign appears it could be here. With Europe lagging by a c

24-07-2023 14:29 GMT by Edward Moya

EUR/USD and USD/JPY in focus post flash PMIs; Bitcoin falls below $29.5k

It was surprisingly a busy weekend as Spain delivered a close national election, Barbie showed us the economy is still partying, Chevron reported impressive earnings, and as expectations turn downbeat for China to deliver significant stimulus this week. Despite all the headlines, overnight both S&P 500 futures and the dollar were mostly little changed until the release of the flash PMIs. EUR/USD tumbles after weak eurozone PMI data The euro declined below the 1.1120 level against the dollar aft

24-07-2023 10:31 GMT by Edward Moya

Week Ahead - Bracing for next week's earnings, rate decisions, and major economic data

US The Fed is expected to resume raising rates at the July 26th FOMC meeting. Fed funds futures see a 96% chance that the central bank will deliver a quarter-point rate rise, bringing the target range to between 5.25% and 5.50%, almost a 22-year high. The Fed delivered 10 straight rate increases and then paused at the June FOMC meeting. The Fed is going to raise rates on Wednesday and seems poised to be noncommittal with what they will do in September. The economic data has been mixed (str

21-07-2023 14:00 GMT by Edward Moya

Oil rally capped, Gold finds its pre-FOMC decision range, RFK Jr talks Bitcoin

EIA Report showed Cushing stockpiles declined most since October 2021 Fed rate cut bets for December 13th FOMC meeting rise to 24.0% Bitcoin bulls nervous a US ETF launch could trigger a similar Bitcoin futures collapse Oil Crude prices tentatively rose but gains were capped as Russian exports are expected to rise and as the EIA report posted disappointing demand figures. Oil was steadily rising over the past few weeks on expectations that Russia and the Saudis would keep this market tight. Ru

19-07-2023 14:44 GMT by Edward Moya

Gold rises post ECB's Klot comment and Canadian CPI report

ECB's Knot (hawk) noted that for July I think it is a necessity, for anything beyond July it would at most be a possibility but by no means a certainty Canadian headline CPI was 2.8%, versus 3% expected, which should allow the BOC to keep rates on hold Global crypto market cap hovers around $1.2 trillion Oil Crude prices are steadying here on expectations that the oil market will remain tight as Russian shipments drop and as China prepares to provide more support to households.

18-07-2023 10:51 GMT by Edward Moya

Oil tentatively lower on disappointing Chinese data

Goldman Sachs eyes a significant crude deficit in the second half of the year Markets price in 25% chance Fed cuts at December 13th FOMC meeting Bitcoin supporter Novogratz expects Bitcoin ETF gets done by end of year Oil Crude prices are lower as China’s economic recovery stalled and as Libya resumed production at key oil fields. Oil won’t catch a bid unless China finally unleashes meaningful stimulus that propels large parts of the economy. Little rate cuts here and there and support for p

17-07-2023 13:01 GMT by Edward Moya

Oil weakens on weaker global growth outlook, Gold and Bitcoin unfazed

Commodities get little support from a weaker dollar Demand destruction likely to force Saudis to extend cuts Bitcoin holds onto the $30,000 level Oil Crude prices are weakening as concerns mount that the global growth outlook is getting uglier by the day. China is rushing to deliver more support to their real estate crisis, while the US starts to grow more nervous about a potential recession. Oil will struggle this week if inflation readings in the US support the hawkish case for a couple mor

10-07-2023 13:42 GMT by Edward Moya

Investors risk averse ahead of the US jobs report after worrying ADP Number

It's been a shocking week for European equity markets, on course to shed almost 5% and it could get worse if the US jobs report reflects what we saw yesterday from ADP. You wouldn't always guess it when looking at the performance of stocks but there is mounting anxiety about the resilience of the economy and what that will mean for interest rates going into the end of this year and 2024. Investors always seem to find a way to look on the bright side which may explain the disconnect between econo

07-07-2023 07:28 GMT by Craig Erlam

Oil higher on falling stockpiles and Gold catches a safe-haven bid, Bitcoin awaits ETF ruling

EIA Crude Oil Inventory Report expected at 11am EST. **Note API reported 4.4million draw last night. Fed's rate path remains key for gold traders Bitcoin momentum capped on rising expectations BlackRock will get a US Bitcoin ETF approved Oil Crude prices got a boost after the API report showed stockpiles declined by 4.4 million barrels per day.

06-07-2023 07:37 GMT by Edward Moya

Manufacturing PMIs disappoint once more but services is what central banks are obsessed with

We may be seeing a bit of a trading lull at the start of the week with tomorrow's US bank holiday tempting many into an extended weekend. The economic calendar looks busy but with a large portion being PMI revisions, that doesn't necessarily equate to an abundance of trading activity. The revisions are often small and don't really move the needle in terms of expectations for the economy and, at this moment, interest rates. And then there's the fact that manufacturing being deep in contraction te

03-07-2023 11:58 GMT by Craig Erlam

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

Cryptos: all news & analysis