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Bad news is good news for stocks, Mixed Earnings from Delta and Fastenal

Stocks poised for best day in almost 2 months Euro hits highest levels in a year against dollar Early earnings paint mixed outlook US stocks are rallying as the economic data continues to soften and as corporate updates support the idea that the economy is gradually weakening. Bad news is once again good news for stocks. The US dollar softened after soft PPI data and rising jobless claims bolstered Fed rate cut bets. US Data Today’s inflation readings showed a little bit more softness as s

13-04-2023 14:35 GMT by Edward Moya

GBP/USD - Pound climbs to highest level since June 2022

British pound extends rally UK growth was flat in February US Producer Price Index contracted in March GBP/USD has edged higher and is trading around the 1.25 line. Earlier today, GBP/USD touched a high of 1.2537, its highest level since June 6th. UK GDP stalls The UK economy flatlined in February, versus an upwardly revised 0.4% gain in January and the consensus estimate of 0.1%.

13-04-2023 10:47 GMT by Kenneth Fisher

AUD/USD - Australian dollar jumps on sizzling jobs report

Australia added 53,000 new jobs in March Australian dollar climbs 0.50% RBA Deputy Governor Bullock says rate pause not related to banking crisis Australian job creation surges Australia posted a blowout employment report today, giving the Australian dollar a strong boost. The economy created 53,000 new jobs in March, after a downwardly revised 63,600 a month earlier.

13-04-2023 06:49 GMT by Kenneth Fisher

USD/CAD - Canadian dollar hits 2-month high as BoC pauses again

Bank of Canada pauses rates for second straight month US headline inflation drops to 5%, core rate rises to 5.6% Canadian dollar climbs to highest level since February 16 The Canadian dollar has extended its rally, and is up 0.29% today, trading at 1.3402 in Europe. Bank of Canada holds rates There wasn't much drama ahead of the Bank of Canada's decision to hold rates, as the non-move was widely expected. The benchmark cash rate is at 4.5% and the rate statement said that the BoC was prepare

13-04-2023 04:41 GMT by Kenneth Fisher

Market Insights Podcast (Episode 553); Sticky Inflation, BOC Holds, Ethereum Watch Parties

OANDA Senior Market Analyst Ed Moya reviews the latest market news with Jonny Hart. They discuss the latest inflation report, the Bank of Canada rate decision, Bitcoin's great start to the year and Ethereum's Shanghai Upgrade. Inflation moderates as a half-point in rate cuts gets priced in by year end BOC holds and signals higher for longer Ethereum's Shanghai Upgrade is finally here

12-04-2023 15:34 GMT by Edward Moya

Oil gets a boost from CPI and EIA reports, Gold wavers, Bitcoin profit-taking

Oil nears 2023 high Gold will have to wait for its record run Bitcoin rally exhausted as profit-taking settles in Oil Crude prices are rallying after a moderating inflation report was followed by an EIA report that highlighted tightness at Cushing and strong gasoline demand. In addition to a double dose of bullish reports, oil got a boost from Energy Secretary Granholm's comment that said the US wants to soon bring back the Strategic Petroleum Reserve (SPR) back to pre-Ukraine War levels. Sh

12-04-2023 14:37 GMT by Edward Moya

Stocks waver as inflation concerns remain and Fed Minutes project a 'mild recession' later this year

Inflation is cooling but still nowhere near target Fed Minutes show policymakers are eyeing a mild recession this year Dollar softer as rate cut bets boosted post CPI and Minutes US stocks initially rallied after the March inflation report showed consumer prices are decelerating, prompting bets that the Fed might be done tightening. Wall Street wants the Fed to be done with this rate hiking campaign but with supercore inflation nowhere near target, more work needs to be done. The initial stoc

12-04-2023 14:25 GMT by Edward Moya

Fed dovishness emerges ahead of pivotal CPI report, Oil and gold rally, Ethereum's Shapella Upgrade is here

Stocks get a boost from a double dose of dovishness from Williams and Goolsbee Commodities rally as dollar softens Ethereum Shanghai Upgrade is here US stocks are mixed heading into a pivotal inflation report that should support one more rate hike by the Fed. Today’s headlines didn’t tell Wall Street anything it didn’t already know: IMF trimmed their growth outlook, Fed’s Williams supported one more hike, and CarMax earnings showed consumers are leaning towards older vehicles. CarMax is rally

11-04-2023 15:03 GMT by Edward Moya

Australian dollar edges higher as consumer sentiment soars

Australian consumer and business confidence head higher after RBA pause Australian dollar edges higher US releases CPI on Wednesday The Australian dollar has posted slight gains today. In the North American session, AUD/USD is trading at 0.6653, up 0.18%. Australian consumer sentiment jumps Australia's Westpac Consumer Sentiment was red-hot in April, climbing 9.4% to 85.8, up from 78.4 a month earlier.

11-04-2023 09:28 GMT by Kenneth Fisher

EUR/USD - Euro gains ground as investor confidence improves

EUR/USD has climbed around 0.60% today and pushed above the 1.09 line Eurozone Sentix Investor Confidence improved to -8.7 Eurozone retail sales fell by 0.8% US releases inflation on Wednesday Eurozone Sentix Investor Confidence rises The Eurozone economy continues to recover, but there is plenty of work ahead. The Sentix Investor Confidence index improved to -8.7 in April, above the March read of -11.1 and better than the estimate of -11.7 points.

11-04-2023 07:07 GMT by Kenneth Fisher

USD/CAD steady, Bank of Canada expected to pause again

Three Fed members will deliver public statements on a very light data calendar today On Wednesday, the Bank of Canada is expected to pause, and US inflation is projected to fall to 5.2% USD/CAD is almost unchanged, trading around 1.3500 The Canadian dollar is almost unchanged, trading at 1.3501 in Europe. With no Canadian events and no tier-1 releases out of the US, we can expect a quiet day for USD/CAD.

11-04-2023 06:11 GMT by Kenneth Fisher

Euro slips on fallout from strong US nonfarm payrolls

Financial markets in Germany and France are closed for Easter Monday Increased odds of Fed hike is weighing on the euro Eurozone releases retail sales and investor confidence on Tuesday US dollar gets a boost from solid nonfarm payrolls The US dollar is higher against all the majors today, including the euro, courtesy of the strong US employment report on Friday. The star of the show, nonfarm payrolls came in at 236,000 in March.

10-04-2023 13:06 GMT by Kenneth Fisher

Oil drifts lower, Gold back at $2000, Bitcoin resilience

Oil lower given the risk-off tone on Wall Street Gold lower as dollar rallies as Fed rate hike bets get locked in Bitcoin rallies back towards upper boundaries of key range Oil Crude prices are drifting lower as most energy traders are still on the sidelines until we get a clearer picture on the global growth outlook. There have been a lot of headlines but nothing is moving oil today as prices appear content hovering above the $80 given all the supply challenges. Rising tensions between Chin

10-04-2023 11:48 GMT by Edward Moya

Wall Street nervous over upcoming week full of risks, BOJ Gov Ueda sinks yen

Stocks lower as markets price in 71.4% chance of a quarter-point hike at May 3rd FOMC meeting Commercial bank lending drops by $105 billion in two weeks ended March 29th Yen tumbles as BOJ Gov Ueda's inaugural address sticks current ultra-dovish policies US stocks are weakening as investors are anticipating the next inflation report will seal the deal for another quarter-point rate hike by the Fed. This is the week that could tell us that the US consumer is no longer showing resilience and

10-04-2023 11:41 GMT by Edward Moya

USD/JPY - yen slides as Ueda says no plans for policy shift

BoJ Governor Ueda says current monetary policy is appropriate USD/JPY has climbed 1% today Japan's consumer confidence hits 10-month high Strong US employment report raises odds of a Fed hike in May BoJ's Ueda says current policy will continue Bank of Japan Governor Ueda spoke at his first news conference as head of the central bank today. It wasn't quite a State of the Union address, but Ueda's message was clear - the current monetary policy was appropriate and he had no plans to make any maj

10-04-2023 09:41 GMT by Kenneth Fisher

Australian dollar flat in holiday-thin trading, business and consumer confidence releases next

Australian banks closed for Easter Monday, AUD/USD unchanged Australia releases Westpac consumer sentiment and NAB business confidence on Tuesday (Australian time) A solid US nonfarm payrolls report has boosted the likelihood of a Fed rate hike at the May meeting Markets await Australian confidence indicators AUD/USD is flat on Monday, as Australia is closed for a bank holiday. There are no Australian releases and no tier-1 events in the US today, which means it should be an uneventful day for

10-04-2023 07:18 GMT by Kenneth Fisher

Week Ahead - Can CPI, Retail Sales, and Bank Earnings derail Fed rate hike odds?

The US labor market is softening, but still remains tight and that should keep the door open for policymakers to raise rates again at the May 3rd policy meeting. The focus now shifts to whether disinflation trends can get back on track. The March inflation report is expected to show a slower monthly pace of 0.2%, down from 0.4%, while headline inflation reading is expected at 5.2% year on year, down from February’s 6.0%.

07-04-2023 11:33 GMT by Edward Moya

In-line NFP Report Bolsters Fed Rate Hike Odds, Dollar has its day, Bitcoin unfazed

European and US stocks markets are closed for Good Friday (Europe will stay closed on Monday) US Jobs Report raised odds of a Fed rate hike at the May meeting Dollar rallied, Bitcoin little changed In March, Charles Schwab acquired $53 billion in net new client assets After a week full of softening labor market readings, today’s nonfarm payroll report showed hiring is not cooling as quickly as some where thinking. The US jobs report was in-line with expectations, but it feels like a beat becau

07-04-2023 10:31 GMT by Edward Moya

USD/JPY jumps after solid nonfarm payrolls release

USD/JPY has posted gains in the North American session after a solid showing from US nonfarm payrolls. Japan's real wages continued to fall, while household spending rebounded. In the North American session, USD/JPY is trading at 132.24, up 0.36% on the day. US nonfarm payrolls within expectations In the US, nonfarm payrolls was within expectations, easing concerns that the US labour market is in trouble.

07-04-2023 09:05 GMT by Kenneth Fisher

USD/CAD shrugs despite strong Canadian job numbers

It could be a busy day for the US dollar, with the release of nonfarm payrolls later today. Canada posted a strong employment report on Thursday, as employment change and unemployment were better than expected. In the European session, USD/CAD is trading at 1.3501, up 0.07%. Nonfarm payrolls expected to ease All eyes are on US nonfarm payrolls, with a consensus estimate of 240,000 for March, following a reading of 311,000 thousand in February.

07-04-2023 05:31 GMT by Kenneth Fisher

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