All Articles

Oil surges after OPEC+ surprising output cut, gold shines

Oil surges after OPEC cuts Oil prices surged after OPEC+ surprised energy markets with a production cut announcement of more than 1 million barrels a day. This oil production cut follows the group’s 2 million bpd reduction of output made in October. OPEC was signaling that they could keep production steady but it is clear that they are not confident with the demand outlook. It is also important to appreciate the timing of the announcement. OPEC didn’t wait for Monday’s JMMC meeting, but

03-04-2023 14:11 GMT by Edward Moya

Stocks waver after ISM Manufacturing hits weakest levels since 2020, Tesla’s disappointing record deliveries, Bitcoin liquidity dries up

Wall Street is trying to find its footing after a weaker-than-expected ISM manufacturing report countered OPEC’s surprise production cut that triggered inflation jitters. The S&P 500 index initially opened higher, led by the energy sector, healthcare, and consumer staples as traders rushed to buy anything energy and defensive.

03-04-2023 14:08 GMT by Edward Moya

WTI crude - Oil spikes as OPEC+ surprises markets with production cut

OANDA Senior Market Analyst Craig Erlam discusses the moves in WTI crude after OPEC+ surprised markets by cutting output by more than a million barrels per day.

03-04-2023 13:00 GMT by Craig Erlam

A mixed start to the week as OPEC+ causes a stir in oil markets

Equity markets have started the week a little mixed amid a nasty surprise from OPEC+ at the weekend, albeit against the backdrop of easing anxiety over the banking sector. We're now entering the third week without new drama in the banks and while I don't think anyone is ready to claim victory, there is an increasing sense of relief. That said, investors are still trying to determine what the longer-term damage of the last month is and the lack of spring back in bond markets suggest the view that

03-04-2023 12:59 GMT by Craig Erlam

OPEC announces surprise cut, gold gains ground

OPEC+ in no mood to tolerate lower oil prices OPEC+ were the latest to ensure there's no such thing as a quiet weekend these days, announcing a surprise cut to production of more than a million barrels per day and sending prices soaring on the open. The decision clearly caught traders off guard and for good reason. Aside from the uncertain nature of the outlook, which would have been reason enough to warrant holding for now, the direction from within the cartel had indicated that no changes woul

03-04-2023 12:52 GMT by Craig Erlam

USD/CAD - Canadian dollar hits 6-week high after OPEC cuts

The Canadian dollar continues to rally on Monday after oil prices surged. OPEC surprised the markets on the weekend with production cuts, sending oil prices higher by 6.5%.

03-04-2023 12:42 GMT by Kenneth Fisher

USD/CHF - Swiss franc steady, inflation lower than expected

USD/CHF is unchanged in the European session, trading at 0.9150. The Swissie pushed higher earlier but has given up those gains. Switzerland's inflation rate fell to 2.9%, down from 3.4%, and the drop could make the Swiss central bank think twice about another rate hike in June.

03-04-2023 07:57 GMT by Kenneth Fisher

AUD/USD - Aussie on the move, RBA expected to pause rates

The Australian dollar has edged higher at the start of the week. In the European session, AUD/USD is trading at 0.6715, up 0.45%.

03-04-2023 06:28 GMT by Kenneth Fisher

Market Insights Podcast (Episode 550)

OANDA Senior Market Analyst Craig Erlam reviews the latest market news with Jonny Hart. They discuss inflation data from the US and the eurozone, Chinese PMIs, and the week ahead.

31-03-2023 17:01 GMT by Craig Erlam

Week Ahead - Focus on the US jobs report as the Fed ponders more rate hikes

There are no prizes for guessing what the highlight next week will be. The US jobs report is widely regarded as being the most important economic report each month, although inflation probably currently just about edges it.

31-03-2023 12:22 GMT by Craig Erlam

An encouraging end to the week for stock markets

An action-packed end to the week, month, and quarter sees equity markets cautiously higher going into the weekend. If we end the week in the green, that's a big deal considering how almost disastrous the rest of the month was. Confidence is easily shattered and difficult to restore and a positive end to the week would send a strong signal that investors are feeling reassured by the lack of turmoil recently. We saw quite the opposite a week ago, as a spike in Deutsche Bank credit default swaps tr

31-03-2023 10:00 GMT by Craig Erlam

Oil recovering slowly, can gold hit $2000?

Economic fears weigh on oil recovery Oil prices are continuing to gradually recover but remain way off pre-banking mini-crisis levels. The prolonged economic scarring of the last month will likely slow the economy if not cause a recession and lower interest rate expectations are not enough to support oil prices in the short term. They continue to trade around the range lows from the months that preceded recent events and may struggle to reestablish themselves around those previous levels.

31-03-2023 09:55 GMT by Craig Erlam

EUR/USD edges lower as eurozone inflation slides

EUR/USD is slightly lower on Friday. In the European session, EUR/USD is trading at 1.0883, down 0.21%.

31-03-2023 09:35 GMT by Kenneth Fisher

USD/JPY - Yen slips as Japan's inflation dips

The US dollar has resumed its upswing and has punched above the 133 level. In the European session, USD/JPY is trading at 133.23, up 0.42%.

31-03-2023 07:18 GMT by Kenneth Fisher

USD/CAD rally continues, GDP next

The Canadian dollar is looking sharp, with gains of 1.5% this week against the greenback. The week wraps up with Canadian GDP, while the US releases the Core PCE Price Index.

31-03-2023 06:02 GMT by Kenneth Fisher

USD/JPY steadies after taking a tumble, Tokyo Core CPI looms

USD/JPY posted gains on Thursday after dropping sharply a day earlier. In the North American session, USD/JPY is trading at 132.45, down 0.31%.

30-03-2023 12:58 GMT by Kenneth Fisher

AUD/USD - Will RBA take a breather next week?

The Australian dollar has edged higher and is trading at the 0.6700 level in Europe. The RBA meets next week and the markets have priced in a pause.

30-03-2023 09:29 GMT by Kenneth Fisher

Stock market recovery continues as investors eye jobless claims

Stock markets are in the green once more on Thursday, with confidence slowly returning as we near the end of the second week without serious drama. Of course, I'm not including the bank sell-off we saw late last week considering there was no obvious trigger, and fear and panic played a huge role in it. That was more a symptom of what preceded it than evidence of further vulnerabilities in the banking sector. That isn't to say that other vulnerabilities and casualties won't emerge but investors w

30-03-2023 07:37 GMT by Craig Erlam

Oil gains ground as risk appetite improves, gold steady

Oil prices have continued to recoup losses in recent days as sentiment has improved, yields have edged higher and global economic prospects have improved. Recent volatility has been a firm reminder of the uncertainty that lies ahead, even as we seemingly near the end of the tightening cycles.

30-03-2023 07:31 GMT by Craig Erlam

GBP/USD - Sterling steady, BoE's Mann says inflation will be hard to beat

The British pound continues to rally and is up for a fourth straight day. BoE member Mann said on Wednesday that the Bank of England will have a difficult time setting monetary policy due to inflation.

30-03-2023 06:22 GMT by Kenneth Fisher

All news & analysis