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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
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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
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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
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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
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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
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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
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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
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British pound drifts lower, markets eye Bailey testimony
BoE Governor Bailey to testify before Treasury Committee on Thursday Fed says remains open to rate hikes JP Morgan expects Fed to cut rates Will monetary hearings shake up British pound? The Bank of England will be in the spotlight on Thursday, as Governor Bailey testifies before the Treasury Committee. Lawmakers will likely pepper the Governor with questions about red-hot inflation, which remains in double-digits despite the BoE's aggressive tightening.
17-05-2023 11:56 GMT by Kenneth Fisher
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USD/JPY - Japan's GDP improves but yen slips
USD/JPY climbs above 137 Japan's GDP surprises to the upside JP Morgan expects Fed to trim rates The Japanese yen is on a four-day losing streak and is in negative territory on Wednesday. In the North American session, the yen is trading at 137.39, up 0.74% on the day. Japan's GDP beats estimate Japan's GDP in the first quarter was higher than expected.
17-05-2023 10:12 GMT by Kenneth Fisher
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Australian dollar calm after wage growth accelerates
Australia wage growth accelerates in Q1 JP Morgan expects Fed to trim rates The Australian dollar is steady on Wednesday. AUD/USD is trading at 0.6650 in Europe, down 0.06% on the day. Australian wage growth rises Australia's wage price index jumped in the first quarter.
17-05-2023 06:07 GMT by Kenneth Fisher
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MSCI Singapore: Under downside pressure from weak external demand
Singapore’s weak manufacturing PMI & non-oil domestic exports for April are pointing to a risk of contraction for Q2 GDP growth. China’s recent lacklustre key leading macro data and inaction by PBoC may reinforce further contraction of Singapore’s economic growth in H2 2023. Singapore’s Straits Times Index’s underperformance against the rest of the world may persist. More signs are pointing to a potential contraction in Singapore’s economic growth (GDP) in Q2 2023. where several key leading eco
17-05-2023 02:49 GMT by Kelvin Wong
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Stocks lower on Home Depot's warning and looming debt ceiling drama
10-Year Treasury yield rose 5.1bps to 3.553% Canadian inflation delivers first annual pace acceleration in 10 months Fed's Mester notes they have yet to reach significantly restrictively rates US stocks are declining after Home Depot delivered a downbeat outlook for the retail consumer and Speaker McCarthy said debt ceiling negotiations have had no progress.  Wall Street is bracing for something bad to happen, but no one has an idea on what will be that catalyst.  It could be a debt ceiling imp
16-05-2023 13:08 GMT by Edward Moya
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USD/JPY continues rally ahead of Japanese GDP
USD/JPY continues to rally Japan releases GDP on Wednesday Fed members warn that more rate hikes on the table USD/JPY continues to rally and is up for a fourth straight day and has gained an impressive 230 points during that time. USD/JPY is up 0.37% on the day, trading at 136.62. Japan releases GDP for second-quarter growth early on Wednesday.
16-05-2023 12:04 GMT by Kenneth Fisher
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GBP/USD calm after mixed UK jobs report, US retail sales
UK wage growth, unemployment claims accelerate Fed members warn higher rates still on the table After three straight days of sharp movement, the pound has settled down on Tuesday and is slightly lower, trading at 1.2496. UK wages accelerate, unemployment rises Is the UK labour market showing signs of strain? Today's employment numbers are pointing in that direction.
16-05-2023 11:18 GMT by Kenneth Fisher
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Some positives for the BoE from UK jobs data, Chinese figures less good
Stock markets are treading water on Tuesday, with jobs number from the UK not inspiring and Chinese data also highlighting weakness in the recovery. Some positives for the BoE to cling to UK jobs data was a mixed bag this morning as wages accelerated again to 6.7%, excluding bonuses, while unemployment also ticked higher as inactivity fell. The Bank of England will no doubt be concerned about the pace of wage growth, with it not being consistent with inflation returning to 2%.
16-05-2023 07:04 GMT by Craig Erlam
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Oil prices steady, debt ceiling stalemate could boost gold
Oil settles in lower range and further declines may prove challenging Oil prices are marginally higher on Tuesday but remain below the December to March range. The risks remain tilted to the downside amid a sluggish recovery in China, uncertainty around the US economy and banking system, and the impact of much higher interest rates on demand. The primary bullish case for oil prices comes from OPEC+ and the prospect of another output cut in a couple of weeks but even that has been downplayed.
16-05-2023 06:55 GMT by Craig Erlam
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