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Gold Technical: A potential short-term downtrend in play

Gold (XAU/USD) has dropped by -5.6% from its recent 52-week high of US$2,067. Factors that caused the recent drop could be the bounce seen in the US dollar and the unwinding of long hedges linked to the US debt ceiling negotiations. 50-day moving average is now acting as a key intermediate resistance at US$1,991. The bullish momentum of the shiny metal, Gold (XAU/USD) seems to have dissipated in recent weeks after it printed a fresh 52-week high of US$2,067 on 4 May 2023 and staged a decline of

22-05-2023 05:49 GMT by Kelvin Wong

Podcast - Stocks weaken as Debt-Limit Talks hit a Roadblock and on Fed Pause Hopes

OANDA Senior Market Analyst Ed Moya reviews the latest market news with Jonny Hart and Trader Nick. They take a close look at debt ceiling negotiations, Fed Chair Powell's speech, Secretary Yellen's comment that more bank mergers may be needed, and gold prices.

19-05-2023 18:48 GMT by Edward Moya

Gold rebounds on Powell Pause hopes and Debt-Limit Roadblock

US oil rig counts fall 11 to 575 Gold starts to get shine back as safe-haven demand returns Bitcoin steadies near lower boundaries of trading range Oil Crude prices were having a great week as the US economic outlook dramatically improved as lawmakers seem likely to reach a deal on the debt ceiling. Debt ceiling optimism quickly disappeared on Friday and that sent oil prices sharply lower. The news wasn’t all negative for crude prices as Fed Chair Powell paved the way for a June hold. China

19-05-2023 13:16 GMT by Edward Moya

Finally some Debt-Limit Drama, Powell paves the way for a pause

Fed discord to grow as inflation shows signs of stickiness 10-year Treasury yield rises 2.1bps to 3.667% Wall Street eyes potential September rate cut US stocks turned negative after key negotiators for Speaker Kevin McCarthy left a closed door debt ceiling meeting with White House representatives noting that they were not being “reasonable.” Finally, we are seeing posturing and some heated debate for this debt deal. A big risk for debt-limit talks were that negotiations were too easy and that

19-05-2023 13:09 GMT by Edward Moya

Week Ahead - Debt ceiling drama, Turkish rate decision pre-Presidential run-off

Wall Street will remain focused on debt ceiling drama, a plethora of Fed speak, flash PMIs, and bank stress. It will be a busy week filled with economic releases, with most of the attention falling on the first look at the May PMI readings, a second look at Q1 GDP/Core PCE, New Home Sales, and the FOMC meeting minutes.

19-05-2023 12:29 GMT by Craig Erlam

Cause for optimism amid positive debt ceiling talks and good news on UK consumers

It would appear we're heading into the weekend on a slightly more upbeat note, with stock markets posting decent gains, optimism rising over debt ceiling negotiations, and UK consumers feeling a little less downbeat on their prospects. Still pessimistic but a step in the right direction UK consumers are pessimistic as ever, albeit slightly less so according to the latest survey from GfK. Sentiment improved slightly to -27 this month, the highest since before Russia invaded Ukraine, but still wel

19-05-2023 10:00 GMT by Craig Erlam

Oil heads higher, gold under pressure

Are we seeing some bullish momentum in crude prices? Oil prices are rebounding again today alongside a slight uptick in market sentiment more broadly. Perhaps some of the confidence in Washington that a deal on the debt ceiling isn't far away, amid "steady progress", is filtering through to the markets, although default was almost certainly never a realistic possibility in the first place. Crude has gathered a little upward momentum over the last week or so, with prices making higher lows on the

19-05-2023 09:56 GMT by Craig Erlam

British pound rises as consumer confidence improves

UK Consumer Confidence hits 15-month high BoE's Bailey warns of wage-price spiral The British pound has pushed higher on Friday. GBP/USD is trading at 1.2449 in North America, up 0.32% on the day. The week is wrapping up on a positive note, as UK GfK Consumer Confidence index improved for a fourth straight month.

19-05-2023 09:50 GMT by Kenneth Fisher

USD/CAD - Will retail sales weigh on the Canadian dollar?

Canadian retail sales expected to decline Fed Chair and two FOMC members will speak later The Canadian dollar is trading quietly ahead of a key retail sales report later today. USD/CAD is trading in Europe at 1.3484, down 0.13%. Markets brace for soft Canadian retail sales The Canadian consumer is holding tightly to their wallet, which is not all that surprising in the current economic climate.

19-05-2023 06:43 GMT by Kenneth Fisher

USD/JPY rally runs out of steam, Japan's inflation rises

Japan Core CPI rises USD/JPY in negative territory The Japanese yen is in positive territory today, in what could be the end of a 6-day rally by the US dollar. During that time, the yen has plunged 440 points and hit a six-month low on Thursday.

19-05-2023 04:10 GMT by Kenneth Fisher

Stocks supported on Debt Deal optimism, strong dollar weighs on commodities and cryptos

US stocks are rising as the biggest risk on Wall Street’s table appears to be going away. Speaker McCarthy said that the House could vote on the debt ceiling deal as soon as next week.

18-05-2023 13:34 GMT by Edward Moya

Oil and gold both take a tumble

Oil Crude prices are sliding as the dollar rallies on bets that the Fed might not be tightening. Good news for the economy is now bad news for the crude demand outlook as economic resilience will force the Fed to kill the economy. Oil is becoming an easy trade, as it will track the dollar and not so much anything else.

18-05-2023 13:28 GMT by Edward Moya

USD/JPY - Yen sinks to 6.5 month low, is 140 next?

USD/JPY punches to its highest level since November 2022 Japan eyes Core CPI The Japanese yen's woes continue, as the currency has plunged a massive 400 points over the past week. In Thursday's North American session, the yen is trading at 138.52, up 0.60% on the day.

18-05-2023 12:01 GMT by Kenneth Fisher

Traders unmoved by BoE comments, US outlook a concern despite better data

MPC grilled as the central bank continues to fight double-digit inflation We heard from some Bank of England policymakers earlier as they were grilled by the Treasury Select Committee on quantitative tightening, among other things naturally. Bailey and colleagues were quite consistent in their messaging and it's probably what the Governor said on Wednesday that raised a few eyebrows as he insinuated that the UK could be seeing a wage-price spiral which could complicate returning inflation to 2%

18-05-2023 11:50 GMT by Craig Erlam

Oil and gold prices head lower

Oil remains in lower range as traders eye June OPEC+ meeting Oil prices are slipping on Thursday after surging the day before amid optimism around debt ceiling talks. I'm still far from convinced that traders are taking the threat of default seriously but the closer we get to the deadline, the more we could see it influence markets simply as a result of more risk being priced in. Broadly speaking the picture is unchanged.

18-05-2023 11:45 GMT by Craig Erlam

Video - GBP/USD steady despite Bank of England warning

OANDA Senior Market Analyst Craig Erlam discusses the moves in sterling in light of BoE Governor Andrew Bailey's comments.

18-05-2023 11:08 GMT by Craig Erlam

GBP/USD slips as US debt ceiling crisis eases

BoE Governor Bailey warns of wage-price spiral, testifies before Treasury Committee Markets lower odds of a Fed pause in June BoE Bailey says UK in wage-price spiral On Wednesday, Bailey had a hawkish message for the markets, saying that he would tighten policy if there was evidence that inflation pressures remained persistent. Bailey warned that the UK was in the midst of a wage-price spiral.

18-05-2023 10:34 GMT by Kenneth Fisher

AUD/USD under pressure after soft Aussie employment

Australia's employment change declines Markets lower expectations of a Fed pause in June The Australian dollar has resumed its downswing on Thursday after taking a pause a day earlier. AUD/USD is trading at 0.6641 in Europe, down 0.26% on the day. Australian employment slips Australia's April employment report surprised to the downside today, sending the Australian dollar lower.

18-05-2023 06:33 GMT by Kenneth Fisher

Nikkei 225 Technical: At the risk of a multi-week pull-back

Nikkei 225 recorded a month-to-day return of +5.80% for May and hit a 33-year high. Nikkei 225 outperformed the MSCI All Country World Index on a year-to-date basis (17% vs. 9%). Overbought conditions below 30,835 key resistance. The Japanese stock market has continued to rally and outperformed the rest of the world.

18-05-2023 01:52 GMT by Kelvin Wong

Podcast - Debt ceiling, gold correction, BoE inflation concerns

OANDA Senior Market Analyst Craig Erlam joins Jonny Hart and Trader Nick to discuss the market stories of the day including the US debt ceiling, gold, and BoE Governor Bailey's comments about a potential wage-price spiral.

17-05-2023 12:48 GMT by Craig Erlam

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