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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

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

Euro edges lower, ECB and other central banks take joint action

After a tumultuous week in the financial markets, things appear to have settled down. The euro is showing limited movement, trading at 1.0655. Central banks move in unison to contain contagion It was anything but a quiet Sunday, as the Swiss government engineered an emergency bank merger, with UBS agreeing to buy Credit Suisse, the second largest bank in Switzerland.

20-03-2023 05:22 GMT by Kenneth Fisher

EUR/USD - Volatile amid banking fears

OANDA Senior Market Analyst Craig Erlam discusses EURUSD in the aftermath of this week's turmoil in the banking sector, following the ECB rate hike and ahead of the Fed meeting.

17-03-2023 19:30 GMT by Craig Erlam

Week Ahead - More turmoil to come?

A week ago, a lot of economists were thinking the Fed was going to pick up the pace of rate hikes as disinflation trends were struggling given a robust core services inflation reading and tight labor market conditions. A banking crisis however is changing how policymakers are assessing the impact of the first eight rate hikes.

17-03-2023 18:24 GMT by Craig Erlam

Market Insights Podcast (Episode 445)

OANDA Senior Market Analyst Ed Moya reviews the latest market news with Jonny Hart. They discussed the market reaction after this week's banking turmoil, the University of Michigan sentiment report, Fed expectations for next week, recap the ECB decision, cryptos, and the week ahead.

17-03-2023 14:02 GMT by Edward Moya

Oil continues slide, gold higher, bitcoin surges

Terrible week continues Oil prices have been pummelled this week as turmoil in the banking sector has increased the risk of a significant economic slowdown or recession this year. Clearly, traders are not convinced that the worst is behind us which continues to weigh heavily on the price of crude, particularly going into a weekend when anything can happen, as we saw a week ago.

17-03-2023 12:14 GMT by Craig Erlam

An anxious weekend ahead

Markets remain risk-averse A frantic week in financial markets draws to a close and it's clear that investors are feeling very anxious about carrying risk into the weekend. We all saw how fast things can move over the weekend and risk-averse trade at the end of this week highlights how nervous investors are about further fallout. If we can get through the weekend without more drama, Monday's open could look very different but it's going to take time for the wounds to heal. Even with all of the m

17-03-2023 11:50 GMT by Craig Erlam

US Open: Stocks still jittery on banking woes, Inflation expectation fall to lowest levels in nearly 2 years, Crude struggles, Gold shines, Bitcoin eyes $30k

US stocks are weakening on fears that this week’s banking turmoil will lead to tighter lending standards that will cripple small businesses and eventually send this economy into a recession. The Fed’s rate hiking cycle was already feeling restrictive, so now that we have rising risks of more bank bailouts and even tighter credit standards, the growth outlook for the economy is rather bleak. Next week will be huge as markets are unsure if the Fed will continue to tighten or given this week's ban

17-03-2023 10:58 GMT by Edward Moya

GBP/USD - Pound steady, inflation expectations ease

We have seen some strong movement from the British pound this week, which is not surprising given the turmoil which has gripped the financial markets in the wake of the US banking crisis. In the European session, GBP/USD is showing little movement and is trading at 1.2119. Big banks to the rescue Market mayhem has been the buzzword this week, as the financial markets were shaken by the collapse of Silicon Valley Bank (SVB) over the weekend.

17-03-2023 08:43 GMT by Kenneth Fisher

USD/JPY - Yen climbs to 1-mth high on market turmoil

The Japanese yen is in positive territory on Friday, trading at 133.02, up 0.56%. USD/JPY touched a one-month low on Thursday, falling as low as 131.72. How will BoJ react to the new wage agreement? The Kazuo Ueda era has begun at the Bank of Japan.

17-03-2023 06:26 GMT by Kenneth Fisher

EUR/USD - Euro heads higher as ECB delivers 50-bp hike

It has been a busy week for the euro, reflective of the gyrations we're seeing in the financial markets. EUR/USD has bounced back from a mid-week slide and is trading at 1.0661, up 0.46% on the day. ECB moves full steam ahead In the midst of market turmoil and fears of a full-blown financial crisis, the ECB held its rate meeting on Thursday and had everyone guessing about its intentions.

17-03-2023 05:20 GMT by Kenneth Fisher

US Close: Stocks rally as bank jitters ease, No surprises from Yellen, ECB hikes, Oil rebounds, profit-taking time for gold, Bitcoin edges higher

US stocks are rallying as Wall Street worries over the banking sector are easing after the big banks offer support to First Republic and as the SNB gave Credit Suisse a lifeline. Banking jitters are fading quickly for now and that has everyone scrambling back into risky assets. Yellen Treasury Secretary Janet Yellen’s testimony to the Senate did not yield any surprises. She defended the proposed budget and reiterated that there will be a careful look at what happened with SVB.

16-03-2023 13:52 GMT by Edward Moya

Oil remains volatile, gold could be eyeing $2000

Volatile amid worrying economic outlook It's been another volatile session in oil markets, bouncing back from their lows while remaining negative on the day. A failure to get back into the green would represent a fourth consecutive day of losses, albeit to a much lesser extent than the last three. Traders are clearly concerned about the economic outlook this year in light of recent bank failures and uncertainty at Credit Suisse.

16-03-2023 13:13 GMT by Craig Erlam

A gamble from the ECB?

It's been another wild session in financial markets and the ECB had the unenviable task today of making a decision on interest rates amid all of the uncertainty and turbulence. One thing that was clear from Lagarde's press conference is that it isn't just markets that expect the tightening cycle may have come to an abrupt end following the events of recent days.

16-03-2023 13:11 GMT by Craig Erlam

Australian dollar climbs on strong employment data

The Australian dollar has taken investors on a roller-coaster ride this week, reflective of the gyrations we're seeing in the financial markets. In the North American session, AUD/USD is trading at 0.6656, up 0.56%. Australian job growth outperforms Australia's employment report for February was stronger than expected.

16-03-2023 13:04 GMT by Kenneth Fisher

New Zealand dollar extends losses as GDP contracts

The New Zealand dollar has had a busy week, which is not surprising given the turmoil which has gripped the markets. NZD/USD has extended its losses on Thursday and is trading at 0.6162, down 0.40%. New Zealand GDP declines The markets were braced for a soft GDP report for Q4, but the decline was sharper than expected.

16-03-2023 09:38 GMT by Kenneth Fisher

EUR/USD - Credit Suisse woes knock down euro, will ECB hike today?

The euro has rebounded on Thursday after sliding 1.5% a day earlier, its worst daily showing since September 2022. In the European session, EUR/USD is trading at 1.0613, up 0.35%. The financial markets are in turmoil, with fears growing that the Silicon Valley collapse could lead to a full-blown banking crisis.

16-03-2023 06:21 GMT by Kenneth Fisher

Market Insights Podcast (Episode 444)

Craig Erlam joins Jonny Hart to discuss the big stories in the markets on Wednesday and what a day it has been. Credit Suisse sent equity markets into a tailspin, while UK Chancellor Jeremy Hunt sought to unleash his growth plan for the country.

16-03-2023 04:04 GMT by Craig Erlam

Worst yet to come?

It's been another remarkable day in financial markets and it, unfortunately, doesn't feel like the worst is behind us. Fear has once again gripped the markets, concerned about a repeat of past crises - one in particular, for obvious reasons - and the implications for the financial system and the global economy. Of course, this is natural when so little is known about the situation and what it ultimately means for the health of the rest of the system. In the absence of facts, everyone is left wit

15-03-2023 20:48 GMT by Craig Erlam

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