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New Zealand dollar rebounds after sharp losses
New Zealand dollar rebounds after sharp losses on Friday New Zealand Services Index contracts US consumer confidence slips, inflation expectations rise The New Zealand dollar has started the week with strong gains. NZD/USD is trading at 0.6218, up 0.46% on the day.
15-05-2023 05:07 GMT by Kenneth Fisher
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Week Ahead - Turkey heads to the polls, US retail sales eyed, China ponders rate cut
US Wall Street will remain focused on debt ceiling drama, a plethora of Fed speak, retail earnings, and bank stress. It will be a busy week filled with economic releases, with most of the attention falling the Empire manufacturing survey, a retail sales report that is expected to show a rebound in spending, weekly jobless claims, and existing home sales.  Debt ceiling talks were delayed and are expected to resume this week.
12-05-2023 14:28 GMT by Craig Erlam
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Strong dollar takes down oil, gold, and crypto
US SPR hovers around 362 million barrels, down from 593 million seen at beginning of 2022 Gold ETFS net purchases post largest one-day increase since mid-April Bitcoin falls to a 2-month low Oil Crude prices are getting punished as the dollar rally extends.  Several oil headlines have provided mixed signals for energy traders; Iraq and Canadian supplies have seen some disruptions, while Iraq signals that there will be no additional reduction from OPEC+.  Iraq oil minister Hayan Abdel-Ghani als
12-05-2023 13:53 GMT by Edward Moya
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Mountain of risks has dollar poised for best week since February
Dollar index rises to best levels since April 10th (euro falls to one-month low) Rising inflation expectations keeps future Fed rate hike risks in play Consumer sentiment tumbled 9% as recession worries persist US stocks are softer as banking jitters persist and after a steady dose of reminders of all the risks that remain on the table; Treasury Secretary Yellen reiterated that a default would be “an economic and financial catastrophe.”, while Fed’s Bowman warned that they will likely need to r
12-05-2023 13:28 GMT by Edward Moya
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Oil slightly higher, gold continues to drift lower
Oil settled into lower range but focus remains on banks and OPEC+ Oil prices were drifting lower earlier in the day but have recovered to trade modestly higher as we near the end of the trading week. It would appear traders are waiting for one of two events to dictate the path of travel going forward; another bank failure or an OPEC+ production cut.
12-05-2023 08:26 GMT by Craig Erlam
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Uninspiring UK first-quarter growth and we shouldn't expect it to get better
A day after the Bank of England upgraded growth and inflation forecasts for the UK, economic data confirmed the country posted growth (just) in the first quarter but it wasn't all good news. ​ The UK economy squeezed out a tiny amount of growth in the first quarter but it didn't end it in a promising way, with the monthly number unexpectedly posting a 0.3% contraction.
12-05-2023 08:19 GMT by Craig Erlam
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The Aussie takes a tumble, UoM Consumer Sentiment next
Australia's inflation expectations higher than expected US inflation unlikely to sway Fed UoM consumer sentiment expected to ease AUD/USD is down 0.19% today, trading at 0.6688. Australia's consumer inflation expectations rise Australia's consumer inflation expectations climbed to 5.0% in May, matching the estimate and above the April reading of 4.6%. This is not what the Reserve Bank of Australia wants to hear - if inflation expectations keep rising and become entrenched, it can manifest int
12-05-2023 07:29 GMT by Kenneth Fisher
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GBP/USD flat as UK GDP a mixed bag
UK GDP remains steady at 1% in Q4 BoE raises rates by 25 bp BoE revises upwards its growth, inflation forecasts UoM consumer sentiment expected to slow GBP/USD is trading at 1.2517 in Europe, almost unchanged. In the UK, GDP declined by 0.3% in March m/m, below the 0.1% estimate and the February reading of 0.0%. Still, the economy managed to gain 0.1% in the first quarter, unchanged from Q4 2022 and matching the estimate. BoE raises rates by 25 bp, revises inflation, GDP forecasts There was
12-05-2023 05:55 GMT by Kenneth Fisher
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NZ dollar slide continues as inflation expectations ease
New Zealand Inflation Expectations falls to 2.79% US unemployment claims rise UoM consumer sentiment to be released later today The New Zealand dollar is getting pummelled by the US dollar and is trading at 0.6240, down 0.93% on the day. This follows a drop of 1.07% on Thursday. New Zealand inflation expectations decline The week is ending on a high note for policy makers at the Reserve Bank of New Zealand.
12-05-2023 05:11 GMT by Kenneth Fisher
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China equities bulls in need of fresh liquidity
China’s benchmark stock indices have underperformed against the rest of the world. Weak macro data and geopolitical risk have reinforced the recent bout of weakness. China’s central bank, PBoC may be forced to undertake more proactive accommodative policies. In the past week, the performances of the benchmark China stock indices and its proxies have underperformed the rest of the world. In terms of week-to-date returns at this time of the writing, the CSI 300 and China A50 have recorded losses
12-05-2023 02:25 GMT by Kelvin Wong
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Oil pops after US signals SPR refill could begin in June
Oil pares losses after Energy Secretary Granholm says oil purchases for SPR could begin in June Gold lower on stronger dollar Crypto struggles as Wall Street prepares for market stress from debt ceiling drama Oil Oil were heavy after another round of Chinese data, this time money metrics, confirmed their economic reopening from COVID continues to disappoint.  Energy traders are somewhat shrugging off the latest OPEC monthly report that contained a slight upgrade with Chinese oil demand.  China
11-05-2023 15:35 GMT by Edward Moya
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Stocks mostly drop as banking jitters and on growth concerns
Wall Street focuses on banking deposits as PacWest struggles, while Western Alliance outperforms Inflation data continues to support higher for a little longer; market still pricing in rate cuts within a few policy meetings Debt Ceiling Angst expected to eventually trigger market stress US stocks are lower after some not so magical results from Disney, banking jitters returned, and recession angst grows. ​ Another round of US data supported calls for the Fed to keep rates on hold.
11-05-2023 15:25 GMT by Edward Moya
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BoE more optimistic on the economy after raising rates by 0.25%
The Bank of England hiked interest rates by another 25 basis points today, taking the base rate to 4.5% while making significant tweaks to their economic forecasts. The MPC is now of the belief that the economy will avoid recession this year and significantly revised up its GDP forecast, albeit to mild growth. What's more, its forecast for inflation was also much higher which may indicate it will have to go further and hold for longer in order to get back to target.
11-05-2023 13:42 GMT by Craig Erlam
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Oil edges lower, no boost for gold from inflation report
How long will OPEC+ tolerate these oil prices? Oil prices are slipping a little again on Thursday after running into resistance around the December to March lows earlier in the week. This is similar to what we were seeing prior to the OPEC+ intervention last month and with a little under a month to go until the next, we may see it settle below that range. Whether the group will tolerate these levels is another thing, especially if we see the lows around $70 in Brent tested again.
11-05-2023 13:39 GMT by Craig Erlam
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Swiss franc falls despite SNB Jordan's hawkish message
SNB's Jordan says cannot exclude further hikes US PPI dips, unemployment claims jump The Swiss franc has fallen considerably on Thursday. In the North American session, USD/CHF is trading at 0.8950, up 0.59% on the day. SNB head Jordan says more tightening possible Swiss National Bank President Jordan reiterated a hawkish message on Wednesday that he sent out a week ago.
11-05-2023 11:00 GMT by Kenneth Fisher
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NZD/USD lower ahead of inflation expectations
New Zealand releases inflation expectations Markets react positively to US inflation report NZD/USD is trading at 0.6342, down 0.38% on the day. New Zealand Inflation Expectations eyed The Reserve Bank of New Zealand will be keeping a close eye on inflation expectations release early on Friday. Inflation expectations eased to 3.3% in Q1, down from 3.62% and the central bank will be hoping that the downswing continues.
11-05-2023 07:04 GMT by Kenneth Fisher
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GBP/USD edges lower ahead of BoE meeting
BoE likely to raise rates by 25 bp US to release PPI and unemployment claims later today GBP/USD is trading at 1.2587 in Europe, down 0.30% on the day. BoE expected to raise rates by 25 bp The Bank of England is expected to raise rates today for a 12th consecutive time, with a 25-basis point hike. This would bring the benchmark cash rate to 4.50%.
11-05-2023 05:48 GMT by Kenneth Fisher
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