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Oil edges higher ahead of OPEC, gold eyes nonfarm payrolls

Oil edges higher ahead of OPEC+ meeting this weekend Oil prices are edging higher into 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 and then the group announced cuts of roughly another million barrels. And while there have been comments to suggest the alliance isn't likely to cut output this weeke

02-06-2023 08:25 GMT by Craig Erlam

Australian dollar powers higher, nonfarm payrolls next

Australian dollar has surged around 2% since Wednesday US Senate approves debt ceiling bill Nonfarm payrolls expected to drop to 190,000 The Australian dollar is on a tear. AUD/USD jumped 1% on Thursday and has added another 0.86% today and is trading at 0.6629. The US dollar retreated against the majors on Thursday, as news of a debt ceiling agreement raised risk appetite.

02-06-2023 07:23 GMT by Kenneth Fisher

EUR/USD gains ground on hawkish Lagarde, nonfarm payrolls loom

EUR/USD jumps after Lagarde says core CPI too high US nonfarm payrolls expected to ease to 190,000 The euro is drifting on Friday, trading at 1.0777. EUR/USD posted its strongest one-day performance since late April on Thursday, gaining 0.69%. The driver behind the upswing was a hawkish ECB President Lagarde, who said, "There is no clear evidence that underlying inflation has peaked".

02-06-2023 06:25 GMT by Kenneth Fisher

Japanese yen steady as markets eye nonfarm payrolls

ECB warns against BoJ normalisation Yen improves after verbal intervention US nonfarm payrolls projected to fall to 190,000 USD/JPY is steady on Friday, trading at 138.95, up 0.11%. The yen has posted four straight days of gains and is up 1.1% this week. The yen has rebounded, after coming close to the 141 line on Tuesday.

02-06-2023 04:47 GMT by Kenneth Fisher

Swiss franc higher as markets eye US jobs report

SNB's Jordan warns about inflation Fed split on next move US debt ceiling deal sails through House of Representatives The Swiss franc has moved higher on Thursday and is trading at 0.9068 in the North American session, down 0.41%. On Wednesday, the Swiss franc fell as low as 0.9147, its lowest level in two months. SNB's Jordan warns against core inflation remaining above 2% The Swiss National Bank meets on June 22nd and SNB President Jordan had a warning today for the markets.

01-06-2023 13:36 GMT by Kenneth Fisher

EUR/USD - Dollar strengthens ahead of the May US jobs report

OANDA Senior Market Analyst Craig Erlam talks about how EURUSD is trading ahead of Friday's US jobs report.

01-06-2023 12:57 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 pares losses, gold eyes nonfarm payrolls

Oil tests lows as traders not deterred by Saudi warnings Oil prices have rebounded off their lows today, having at one stage come very close to the bottom seen in March and May. It's a very interesting development coming just before OPEC+ meets this weekend and following warnings from the Saudi energy minister to "watch out". Of course, oil traders can argue that the Chinese economic rebound has stalled, manufacturing activity around the world is struggling, Germany is in recession and the US ma

01-06-2023 12:03 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 waver as traders pare back expectations for Fed rate hikes

Disinflation Trends might be back as prices paid plunged 9 points in the ISM manufacturing report ADP Report: Pay growth is slowing substantially Still waiting on layoff announcements to hit jobless claims data US stocks are rising after some dovish Fed speak and as the House was able to advance the debt ceiling bill to the Senate. So far everything with the debt ceiling deal is going as planned after both the House Rules Committee and House of Representatives did their part to get this bill

01-06-2023 11:20 GMT by Edward Moya

Japanese yen drifts higher, US job numbers in focus

US JOLTS Job Openings beats expectations US nonfarm payrolls follows on Friday Fed members divided on rate policy Debt ceiling agreement approved in House, moves to Senate USD/JPY has edged higher on Thursday, trading at 139.66 in the European session. The yen has recovered after falling as low as 140.93 this week, its lowest level since November. It has been a quiet week in Japan on the economic calendar, with no major releases.

01-06-2023 08:35 GMT by Kenneth Fisher

EUR/USD falls to 5-week low as inflation eases

Eurozone inflation falls sharply Debt ceiling deal sails through House of Representatives JOLTS Job Openings beats expectations The euro has edged higher on Thursday, trading at 1.0708, up 0.19%. The currency remains under pressure as the US dollar is flexing some muscles.

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

Podcast - Rising Fed rate hike expectations

OANDA Senior Market Analyst Ed Moya reviews the latest market news with Jonny Hart and Trader Nick. They discuss today's debt ceiling vote, a hot JOLTS report, China's PMI report, and Australia's sticky inflation data. **Note this was recorded before Fed's Jefferson comment about pausing at the next meeting.

31-05-2023 16:09 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

Japanese yen crawls back above 140

Japanese retail sales and industrial production soften A possible snap election in Japan could delay any BoJ move House to vote on debt ceiling deal USD/JPY is almost unchanged on Wednesday, trading at 139.73. The yen has improved since dropping as low as 140.93 this week, its lowest level since November. Japanese numbers were softer than expected.

31-05-2023 09:53 GMT by Kenneth Fisher

Canadian dollar edges lower ahead of Canadian GDP

Canada to release GDP US debt ceiling deal off to Congress The Canadian dollar is trading close to a two-month low, as the currency remains under pressure. USD/CAD is trading at 1.3646 in the European session, up 0.34%. Canada's GDP expected to improve in Q1 Canada releases GDP later today, and the markets are projecting a modest 0.4% q/q for the first quarter, after flatlining in Q4 2022.

31-05-2023 06:24 GMT by Kenneth Fisher

AUD/USD slips on soft Chinese PMIs, Aussie inflation jumps

RBA's Lowe says inflation fight not over Australian inflation rises to 6.8% US Treasury yields fall on debt ceiling deal Australian inflation rose in the first quarter, but the Australian dollar is considerably lower today due to soft China PMI reports. AUD/USD is trading at 0.6481, down 0.54%.

31-05-2023 04:47 GMT by Kenneth Fisher

Nasdaq 100 Technical: Exhaustion at key resistance

The outperformer Nasdaq 100 seems to have hit a roadblock/resistance at around 14,380. Price actions formed a daily bearish “Gravestone Doji” candlestick right at the upper boundary of the “Ascending Wedge” configuration. 14,380 key graphical resistance confluences with the 61.8% Fibonacci retracement of the prior major downtrend from 22 November 2021 all-time high to 13 October 2022 low. Fig 1: US Nas 100 daily trend as of 31 May 2023 (Source: TradingView, click to enlarge chart) Fig 2:

30-05-2023 22:29 GMT by Kelvin Wong

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

Seventh-inning stretch for the debt ceiling deal

Consumer Confidence hits 6-month low Nvidia joins the $1 Trillion club Treasury Yields tumble on debt deal optimism; 10-year falls 11.4 bps to 3.685 Wall Street has returned from a long weekend with a bit of optimism that the US will avert a potentially disastrous default. The Nasdaq is leading the way after Nvidia joined the $1 trillion in value club after announcing a couple key partnerships and outlining several AI -related products. The spotlight remains on Washington DC and the House Ru

30-05-2023 14:11 GMT by Edward Moya

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