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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

Euro edges lower on weak German, eurozone numbers

Eurozone and German releases were softer than expected ECB expected to hike at next week's meeting The euro has edged lower on Tuesday. EUR/USD is trading at 1.0695 in the North American session, down 0.16%. Eurozone and German releases were soft on Tuesday.

06-06-2023 12:07 GMT by Kenneth Fisher

USD/JPY shrugs after weak Japanese numbers, Japanese GDP next

Japan's consumer spending and income falls in April Ministry of Finance sends warning about weak yen The Japanese yen is steady on Tuesday. In the European session, USD/JPY is trading at 139.81, up 0.18%. Japan's numbers weaker than expected Japanese data disappointed on Tuesday.

06-06-2023 11:04 GMT by Kenneth Fisher

AUD/USD extends gains after RBA surprise

AUD/USD rally continues for fourth straight day RBA surprises with 25-bp hike Australia releases GDP early Wednesday The Australian dollar continues to roll and has extended its rally on Tuesday. In the European session, AUD/USD is trading at 0.6659, up 0.63% on the day.

06-06-2023 05:14 GMT by Kenneth Fisher

AUD short-term bulls supported by hawkish RBA and China

RBA surprised again with a 25-bps hike to raise the official cash rate to 4.10% Rumoured China’s property market stimulus measures also created a positive feedback loop back into AUD/USD. Short-term minor uptrend in place for AUD/USD with key resistance to watch at 0.6790. The Aussie dollar has been resilient against the US dollar since last Friday, 2 June ex-post better the expected US non-farms payroll/jobs data for May. The AUD/USD has managed to stage a rally of +1.45% to today's 6 June cur

06-06-2023 01:12 GMT by Kelvin Wong

Russell 2000 Technical: Short-term bearish momentum resurfaced

Russell 2000 has resumed its underperformance against the rest of the US benchmark stock indices after failing to have a follow-through from last Friday’s stellar gain of + 3.56%. Major downtrend phase in place since its 8 November 2021 all-time high remains intact. Short-term downside momentum has resurfaced below 1,835 key resistance. Fig 1: US Russ 2000 major trend as of 6 Jun 2023 (Source: TradingView, click to enlarge chart) Fig 2: US Russ 2000 minor trend as of 6 Jun 2023 (Source: Tr

05-06-2023 21:32 GMT by Kelvin Wong

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

The most-hated Bull Market Rally

Apple unveils first large-screen Macbook, faster chip ISM Services Index confirms slowdown is coming S&P 500 testing bull market territory from October lows US stocks are rallying as Apple eyes a record high ahead of the Cupertino developers’ conference. Apple's WWDC is expected to unveil a mixed-reality headset, fresh Macs and macOS 14, iOS 17 and iPadOS 17, and watchOS 10.

05-06-2023 13:37 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

OPEC+ not as unified as it appears

Oil pares gains as traders question OPEC+ unity The Saudis got their output cut after intense negotiations over the weekend; the only downside being that no one else opted to be a part of it until the start of 2024. It became clear last week that Saudi Arabia was going to be pushing for a cut at the weekend meeting and that getting others on board may prove difficult.

05-06-2023 12:10 GMT by Craig Erlam

Japanese yen slips below 140 after US nonfarm payrolls

US nonfarm payrolls surges to 339,000 Japan releases household spending and average cash earnings early Tuesday USD/JPY has drifted lower on Monday and is trading at 139.65, down 0.23%. The yen fell close to 1% on Friday after a sizzling US nonfarm payrolls report. Japan's economy has been showing signs of recovery, notably in manufacturing and services, where the May PMIs accelerated and beat the forecasts.

05-06-2023 12:01 GMT by Kenneth Fisher

Podcast - Saudis lead OPEC+ production cut, RBA to come this week

OANDA Senior Market Analysts Craig Erlam and Kelvin Wong join Jonny Hart to discuss the start of the trading week, OPEC+ output cut, and RBA rate decision on Tuesday.

05-06-2023 12:00 GMT by Craig Erlam

Euro extends losses after sizzling nonfarm payrolls

ECB's Lagarde hints at further rate hikes US nonfarm payrolls surges to 339,000 US unemployment rises to 3.7% The euro has extended its losses on Monday and is trading at 1.0686, down 0.21%. It was a brutal month of May for the euro, which plunged 2.98%. The euro started the month above the 1.10 line but a hawkish Federal Reserve and solid US numbers have boosted the US dollar.

05-06-2023 10:43 GMT by Kenneth Fisher

AUD/USD edges lower ahead of RBA rate announcement

US nonfarm payrolls surge, unemployment climbs RBA expected to pause at Tuesday's meeting The Australian dollar is coming off a strong week, with gains of 1.35%. AUD/USD has edged lower on Monday, trading at 0.6594, down 0.17%. US nonfarm payrolls surge Friday's US employment report was a reminder that the labour market remains robust.

05-06-2023 06:00 GMT by Kenneth Fisher

FOMO regime change for US stock market

The laggards, Dow Jones Industrial Average & Russell 2000 have recorded stellar single-day outperformances on Friday, 2 June against the Nasdaq 100; at least a three-month high. Market breadth has improved but fundamental structure remains weak due to stagflation risk. Positive FOMO (“fear of missing out”) flows may persist at least in the short to medium term due to relatively low levels of positioning, exposure, and sentiment. On Friday, 2 June, we witnessed a significant flow of rotation am

05-06-2023 02:31 GMT by Kelvin Wong

Podcast - Huge NFP number but the US jobs report wasn't all bad

OANDA Senior Market Analyst Craig Erlam joined Jonny Hart and Trader Nick to discuss the US jobs report and what it means for the markets and interest rates. They also talked about oil prices ahead of this weekend's OPEC+ meeting and previewed the week ahead.

02-06-2023 12:43 GMT by Craig Erlam

Week Ahead - Will OPEC+ announce another cut? Deflationary spiral in China?

Oil prices are rallying at the end of the week, perhaps a sign of nerves appearing before the OPEC+ meeting this weekend. While there seems to be a widely held view that the group won't announce any further cuts, it's worth noting that the same was true at the last meeting when it announced cuts of roughly another million barrels.

02-06-2023 12:22 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

May jobs report shows hiring isn’t ready to cool, while layoffs rise

Odds of a June hike from the Fed rose to 32%, up from 22% before the NFP release Robust hiring won't allow dollar to weaken Even with participation rate holding steady, the unemployment rate was able to rise from 3.4% to 3.7% A red-hot labor market remains and that should keep the pressure on the Fed, which will also delay second half of the year recession calls. The May jobs report showed robust hiring, a significant increase in layoffs, and easing wage growth. The last Fed messaging we go

02-06-2023 11:21 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

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