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Weekend jitters subside
It's been a relatively calm start to the week, with investors seemingly relieved that the weekend brought no fresh turmoil in the banking sector. Deutsche Bank under pressure That was clearly the fear going into it on Friday, with Deutsche Bank being hit particularly hard amid concerns it could be next in the firing line even if the fundamentals didn't necessarily back that up. Anxiety is going to remain until we have a few weeks of calm and despite the small frenzy on Friday, I think we can say
27-03-2023 09:25 GMT by Craig Erlam
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Oil rises slightly, gold loses ground
Oil has rebounded slightly, but gold has slipped as we are seeing an improvement in risk appetite on Monday. Oil recovers as the dust continues to settle Oil prices are rebounding a little on Monday, up a little more than 1% in line with the broader risk rally. It's been a volatile few weeks for crude, caught up in the banking storm as investors are forced to scale back their expectations for the economy which, in turn, has weighed heavily on demand prospects. But with sentiment slowly improving
27-03-2023 09:19 GMT by Craig Erlam
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Banking Sector Drama Continues, Stocks pare losses as rate cuts fully priced in
Investors try to shrug off banking drama Wall Street was initially dragged down as banking worries persisted after Deutsche Bank’s costs against default skyrocketed. Deutsche Bank’s 5-year CDS surged from around 150 bps early on Thursday to a four-year high around 210 bps before settling closer to 193 bps.  Other European banks, Societe Generale, Credit Agricole and BNP Paribas declined on banking turmoil fears.
24-03-2023 15:32 GMT by Edward Moya
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USD/CHF - Swissie yawns as SNB hikes by 50 basis points
The Swiss franc continues to rally and is trading in North America at 0.9139, down 0.37%. USD/CHF has fallen some 200 points in just one week. SNB goes for oversize hike The Swiss National Bank raised rates by 50 basis points today, bringing the cash rate to 1.50%.
23-03-2023 11:15 GMT by Kenneth Fisher
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US Open: Stocks rebound, Jobless Claims decline again, Block tumbles, BOE/SNB/Norges all hike, Turkey holds, Tesla rallies, Oil higher, Gold recaptures $2000, Bitcoin faces massive resistance at $30k
US stocks are rising as Wall Street digests what might be the Fed’s last rate hike and Secretary Yellen’s comment on blanket deposit insurance.  The post-Fed selloff came from Yellen’s comment that they haven’t looked at backing all bank deposits with FDIC insurance.  This was bad news for the banks and contagion fears. Yellen’s comment at a Senate panel hearing should be taken with a grain of salt given a decision to back all deposits would need congressional support.  Optimism should remain th
23-03-2023 10:36 GMT by Edward Moya
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GBP/USD edges higher ahead of Bank of England decision
The British pound has edged upwards and is trading at 1.2296 in the European session, up 0.25%. Earlier, GBP/USD climbed as high as 1.2343, its highest level since February 2. BoE expected to deliver 25 bp hike The Bank of England is in the spotlight today but like the Fed meeting, there isn't any drama surrounding the decision.
23-03-2023 07:05 GMT by Kenneth Fisher
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A dovish shift from the Fed
Equity markets in Europe opened a little lower on Thursday following a very mixed session in Asia and some heavy selling on the other side of the pond on Wednesday. While investors have been relieved that this week has brought no new instability in the banking sector (yet), they are a little concerned by what they heard from the Fed and Treasury Secretary Janet Yellen yesterday. The central bank hiked interest rates by 25 basis points, in line with expectations, but the language that accompanied
23-03-2023 05:16 GMT by Craig Erlam
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Oil dips lower, gold gets boost from dovish Fed
Signs of permanent damage in oil? Oil prices are a little lower today after gradually recovering in recent days. While no one can say with confidence that a banking crisis has been averted, there is growing confidence that the actions taken by central banks, regulators, and governments have significantly reduced the odds of one, particularly a severe scenario, and that is ultimately good for the economy and crude demand. So while we saw Brent and WTI plunge to late-2021 levels amid the panic of
23-03-2023 05:10 GMT by Craig Erlam
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US Close - Fed’s dovish hike trumped by Yellen not considering broad increase in deposit insurance, Oil rallies, Gold gets groove back, Bitcoin softens
Wall Street’s initial take on the Fed was that they delivered a dovish hike and that banking turmoil will finish the job of bringing inflation back to target.  Fed Chair Powell started the press conference by noting that the banking system is sound, but Treasury Secretary Yellen put a wrench in that idea.  Yellen noted that regulators are not considering a broad increase in deposit insurance.  Yellen said she is not considering a broad increase in deposit insurance despite all the discussion aro
22-03-2023 17:07 GMT by Edward Moya
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Market Insights Podcast (Episode 447)
OANDA Senior Market Analyst Ed Moya reviews the latest market news with Jonny Hart. They preview the FOMC and BOE rate decisions, discussed the market reaction to a hot UK inflation report, recap the wild moves with gold, and talk cryptos.
22-03-2023 12:57 GMT by Edward Moya
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AUD/USD gains ground, all eyes on Federal Reserve
The Australian dollar is in positive territory on Wednesday, ahead of the Federal Reserve's rate announcement. In the European session, AUD/USD is trading at 0.6681, up 0.16%. Fed expected to deliver 25 bp hike The Federal Reserve winds up its policy meeting later today and anything other than a 25 basis point hike would be a massive surprise.
22-03-2023 09:30 GMT by Kenneth Fisher
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