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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

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

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