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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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Recovery rally pauses ahead of the Fed
Equity markets are treading water this morning ahead of the Fed rate decision and following a decent rebound a day earlier. It very much feels like we're just taking one day at a time at the minute. Every day that passes without drama is one closer to the point at which we can put the mini-banking crisis behind us.
22-03-2023 04:45 GMT by Craig Erlam
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Oil prices fall, gold awaits Fed decision
Stalled recovery Oil prices are slipping again today after recovering strongly from the lows over the last couple of days. There's still a lot of lost ground to make up which may highlight the apprehension behind the recovery as well as the potential longer-term consequences for the economy. Time will tell how significant an impact that will have but the fact that we're already seeing profit-taking isn't a great signal.
22-03-2023 04:40 GMT by Craig Erlam
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Canadian dollar shrugs as inflation falls
The Canadian dollar is slightly lower on Tuesday. In the North American session, USD/CAD is trading at 1.3687, up 0.17%. Canada's CPI continues to ease Canada's headline inflation fell to 5.2% y/y in February, down from 5.9% y/y in January and beating the consensus estimate of 5.4%.
21-03-2023 10:46 GMT by Kenneth Fisher
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Oil rises, gold pulls back as markets jitters ease
Will economic fears fully abate? Oil prices are rising again on Tuesday, adding to Monday's recovery to trade more than 6% from the lows. Brent fell close to $70 yesterday, the lowest level since late-2021 is a sign of how much the banking crisis has reverberated throughout the markets.
21-03-2023 10:07 GMT by Craig Erlam
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Market Insights Podcast (Episode 446)
OANDA Senior Market Analyst Ed Moya reviews the latest market news with Jonny Hart. They discussed the UBS take over of Credit Suisse, preview the FOMC decision, and talk cryptos.
20-03-2023 14:52 GMT by Edward Moya
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Another hugely important weekend
It's been another lively start to the week following a busy weekend in which Swiss authorities have been working tirelessly to complete the sale of Credit Suisse and avoid further fallout on the open. So far it looks as though those efforts have not been in vain, along with those of a selection of major central banks to ensure access to dollar funding continues. This is now the second weekend that central banks, governments, and regulators have spent putting out fires, and, while markets are rec
20-03-2023 13:06 GMT by Craig Erlam
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Oil gets support, gold breaks $2000
Oil seeing some support The sell-off in oil markets appears to be running into support following the near-20% decline over the last couple of weeks. Traders have been forced to reassess the outlook for the global economy in light of recent issues in the banking sector and it would appear they're no longer so optimistic. That may of course change as things settle down, assuming they do in the short term, but for now, they're taking a far more cautious stance.
20-03-2023 13:00 GMT by Craig Erlam
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US Open: Stocks waver after UBS takeover deal/coordinated CB action/banking worries, Yen thrives on risk aversion flows, Bullish oil bets abandoned, Gold $2k, Bitcoin closer to $40k than November low
Looks like it will be another long week on Wall Street.  It was a busy weekend after a Credit Suisse bailout and a coordinated effort by the Fed and other central banks to boost dollar liquidity.  Despite a couple major weekend attempts to contain the risks hitting the banking system, US stocks are wavering as risk aversion won’t be going away until markets are confident that the Fed is done with their rate hiking campaign.  The banking system still doesn’t have any confidence as Wall Street tri
20-03-2023 09:47 GMT by Edward Moya
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Swiss franc in calm waters, but is there a storm ahead?
USD/CHF is trading quietly on Monday, after a tumultuous week. In the European session, USD/CHF is trading at 0.9276, up 0.15%. Credit Suisse takeover, central banks take action There was a flurry of activity on Sunday in response to the banking crisis which has shaved some $1 trillion from global financial shares this month.
20-03-2023 07:43 GMT by Kenneth Fisher
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