Cryptos: All News & Analysis

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

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Podcast - A new bull market, China growth concerns, Bitcoin dominance

OANDA Senior Market Analyst Ed Moya joins Jonny Hart and Trader Nick to discuss the start of the start of a new bull market, China's inflation data, Canada's employment report, and recap this week in crypto.

09-06-2023 12:50 GMT by Edward Moya

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

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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

Cryptos: all news & analysis