OANDA Senior Market Analyst Craig Erlam discusses the latest moves in USDJPY as the pair hits 150 and intervention warnings keep coming.
20-10-2022 12:52 GMT
by Craig Erlam
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Oil settling into a range
Oil prices are higher on Thursday which comes after President Joe Biden confirmed the release of the final 15 million barrels from the SPR, as part of the 180 million previously agreed, and warned more could follow. That was already priced into the markets though and the price has fallen quite heavily over the last week and a half.
20-10-2022 12:48 GMT
by Craig Erlam
Energy
US natural gas declined to the lowest levels since March as supply concerns have slightly improved. Over the past week, energy traders have digested a few winter weather forecasts and it seems many are thinking the south will be drier and warmer than usual, while the northern tier, Midwest and Ohio valley could have a colder winter.
Oil prices rallied on hopes that China is starting to pivot with their COVID quarantine guidelines and as energy traders start to price in a hard floor for
20-10-2022 12:27 GMT
by Edward Moya
EUR/USD has posted considerable gains and is back above the 0.98 level. In the North American session, EUR/USD is trading at 0.9828, up 0.57%.
US housing, manufacturing data decline
As the Federal Reserve continues to deliver outsized interest rate hikes, the financial markets are closely monitoring US economic data, looking for signs of a slowdown.
20-10-2022 12:18 GMT
by Kenneth Fisher
Prime Minister Truss resigns
The political soap opera continues in the UK, with Prime Minister Truss playing the part of the tragic hero. Truss resigned earlier today, which was perhaps not all that surprising given the chaos that has engulfed her government from the get-go.
20-10-2022 10:03 GMT
by Kenneth Fisher
AUD/USD dropped close to 100 points in the Asian session but has recovered and is trading in positive territory.
Australia's labour market remains solid
Australia released September's employment report earlier Thursday, which indicated that the labour market remains robust. The economy added 13,300 full-time jobs, with a decline of 12,400 part-time jobs.
20-10-2022 06:10 GMT
by Kenneth Fisher
USD/JPY continues to gain ground
USD/JPY is almost unchanged today but hit a milestone in the Asian session as it briefly darted above the 150 line, which has psychological significance. This marked the yen's lowest level since August 1990 as the currency continues to slide.
20-10-2022 04:51 GMT
by Kenneth Fisher
AUD/USD is considerably lower today, trading at 0.6273, down 0.57%.
Employment data expected to remain strong
Australia releases employment data on Thursday, with the markets expecting that the report will show that the labour market remains robust. The economy is forecast to have created 25,000 jobs in September, following the 35,000 gain in August.
19-10-2022 12:04 GMT
by Kenneth Fisher
USD/CAD pushed higher earlier in the day but has pared most of those gains. In the North American session, the Canadian dollar is trading at 1.3757, up o.17%.
Canada's CPI ticks lower
Headline inflation ticked lower to 6.9% in September, down from 7.0% in August.
19-10-2022 10:33 GMT
by Kenneth Fisher
Trading is mixed in Europe on Wednesday, with Wall Street eyeing a slightly stronger open amid bumper Netflix earnings.
Netflix is a hit
Netflix results are expected to be a hit on Wall Street when the bell rings on Wednesday, with pre-markets pointing to a more than 13% rally in the stock. The streaming company reported revenues and earnings that comfortably surpassed expectations, while subscriber growth more than doubled forecasts.
19-10-2022 07:35 GMT
by Craig Erlam
USD/JPY continues to inch upwards and is trading at 149.69, up 0.31%.
Yen closing in on 150
The yen hasn't managed a winning session since October 4th and it's looking likely to breach the symbolic 150 level, perhaps before the week is over. The yen hasn't traded at such low levels since 1990 and a turnaround from its prolonged slide doesn't appear likely.
The Bank of Japan has been under pressure to rethink its ultra-loose policy, as the yen has plummeted and inflation has climbed above the
19-10-2022 07:22 GMT
by Kenneth Fisher
GBP/USD is in negative territory today. In the European session, the pound is trading at 1.1261, down 0.48%.
Inflation rises to double-digits
UK inflation rose to 10.1% in September, up from 9.9% in August and above the consensus of 10.0%.
19-10-2022 05:12 GMT
by Kenneth Fisher
NZD/USD was up sharply earlier in the day but has pared most of those gains. In the North American session, the New Zealand dollar is trading at 0.5663, up 0.49%.
New Zealand inflation higher than expected
New Zealand inflation jumped 2.2% MoM in the third quarter, higher than the estimate of 1.6%.
18-10-2022 12:06 GMT
by Kenneth Fisher
GBP/USD has edged lower today, after starting the week with sharp gains. In the North American session, GBP/USD is trading at 1.1334, down 0.18%.
Pound jumps after Hunt axes tax cuts
The pound continues to show strong volatility as the political saga continues in the UK.
18-10-2022 09:25 GMT
by Kenneth Fisher
OPEC+ defends cut as oil steadies around $90
Oil prices are continuing to stabilise around $90 a barrel as OPEC+ steps up its defence of its two million barrel per day cut amid a backlash from the US, in particular. Meanwhile, the world's largest economy is reportedly considering another release of strategic reserves in order to offset the impact of the cuts and stop fuel prices jumping as midterms near.
How effective the SPR release will be may well depend on whether others join as we saw ear
18-10-2022 05:55 GMT
by Craig Erlam
Asian stocks were flashing green on the second day of trading, while Europe is poised to open in a similarly positive manner as sentiment continues to improve, albeit from very low levels.
There's still a strong feeling of a bear market rally about trading over the course of the last week. From the post-US-inflation rebound to what has now been a strong start to the week - in part driven by the UK's decision to no longer shoot itself in the foot - nothing about this screams sustainable.
Of cou
18-10-2022 05:51 GMT
by Craig Erlam
USD/JPY has edged higher today and is currently trading at 149.17. The yen has fallen for eight straight sessions, losing 500 points in that time.
Yen slide continues
The yen continues to set new 24-year-old lows as the dollar/yen has pushed above the 149 line.
18-10-2022 05:10 GMT
by Kenneth Fisher
OANDA Senior Market Analyst Craig Erlam reviews the latest market news with Jonny Hart. They discuss the new UK Chancellor's mini-budget reversal, Japanese intervention and earnings season.
17-10-2022 11:06 GMT
by Craig Erlam
Settling down?
It's been another turbulent few weeks in oil markets from global growth concerns to super-sized OPEC+ output cuts and it seems they're yet to fully settle down. Brent has seen lows of $82 and highs of $98 so perhaps what we're now seeing is it finding its feet somewhere in the middle.
17-10-2022 10:07 GMT
by Craig Erlam
A humiliating blow
Another turbulent start to the week, albeit a positive one broadly speaking with equity markets around 1% higher in Europe after a decent start to the week in Asia.
Since Liz Truss became UK Prime Minister, uneventful days have eluded us and this week has also got off to another hectic start. While the Prime Minister had every intention of making waves in her first weeks in charge, she clearly didn't anticipate the storm that was brewing and I'm sure she more than anyone at
17-10-2022 10:06 GMT
by Craig Erlam