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OANDA Senior Market Analyst Ed Moya reviews the latest market news with Jonny Hart. They discussed Fed Chair Powell's hawkish testimony, another round of strong second tier labor data, Bank of Canada rate decision, and cryptos.

08-03-2023 16:06 GMT by Edward Moya

Mid-Market Update: Powell Part Deux, Labor Market still looks hot after ADP & JOLTS, Stocks struggle, Oil remains heavy, Gold wavers, Bitcoin softens

US stocks struggled to find direction after another round of labor data suggests this market will remain tight and on Fed Chair Powell’s second day of testimony on Capitol Hill. Powell did not deliver any surprises, repeating that the Fed may need to speed up the pace of its interest rate increases if necessary.

08-03-2023 13:43 GMT by Edward Moya

EUR/USD drifting, German retail sales slide

The euro has stabilized on Wednesday after sustaining sharp losses a day earlier. In the European session, EUR/USD almost unchanged, trading at 1.0550. German retail sales sink Germany, the bellwether of the German economy, continues to post soft data.

08-03-2023 12:29 GMT by Kenneth Fisher

A big blow

Stock markets are steadying ahead of Powell's second appearance of the week on Wednesday, after his comments a day earlier saw them go into retreat. The Fed Chair didn't hold back on his assessment of interest rates, signaling that the Fed will be willing to keep pushing rates higher if the totality of the data continues to necessitate it. I'll be honest, I think he's chosen his words wisely there even if he did produce a more hawkish performance than I anticipated but the message was clear. Whi

08-03-2023 08:36 GMT by Craig Erlam

Oil returns to range, gold crushed by hawkish Powell

Back into range Just as oil prices appeared to be gathering some momentum, Powell put an abrupt end to hopes of a breakout on Tuesday and sent them back to the middle of their recent range. Optimism over the Chinese recovery is one thing but if large parts of the global economy are going to stall or go into recession, oil prices are going to struggle to surge higher.

08-03-2023 08:32 GMT by Craig Erlam

USD/CAD climbs after hawkish Powell, Bank of Canada set to pause

The Canadian dollar has steadied on Wednesday, after sliding 1% a day earlier. Later today, the Bank of Canada meets for its monthly meeting. BoC likely to pause The Bank of Canada is widely expected to take a pause at today's meeting and maintain the cash rate at 4.50%.

08-03-2023 06:32 GMT by Kenneth Fisher

Aussie takes a tumble after Powell

The Australian dollar has stabilized on Wednesday after a dreadful outing a day earlier. In the European session, AUD/USD is trading just below the 0.66 line. AUD/USD sustained its second most bearish day this year on Wednesday, with a staggering decline of 2.1%.

08-03-2023 04:34 GMT by Kenneth Fisher

US Close: King Dollar returns, Hawkish Powell sinks risk appetite, Oil and gold punished, Bitcoin nears lower boundaries

Fed Chair Powell killed risk appetite with a hawkish first day on Capitol Hill. Powell said that the Fed will likely need to raise interest rates more than expected due to the recent strong data and is prepared to move in larger steps if the "totality" of incoming information suggests more needs to be done to bring down inflation. US stocks did not stand a chance after Fed Chair Powell convinced markets that policymakers are comfortable taking this rate hiking campaign much higher.

07-03-2023 15:28 GMT by Edward Moya

US Open: Stocks waver ahead of Powell, Biden eyes higher taxes, RBA almost done hiking, EUR supported on rising ECB bets, Oil and gold await Fed, Bitcoin softens

US stocks are slightly higher ahead of Fed Chair Powell’s Congressional testimony. Everyone is expecting Fed Chair Powell to deliver his best hits of ‘we have more work to do’ and ‘higher for longer’. Powell might not commit how much higher rates will go, but he will keep the door open for the Fed’s dot plots to move higher. Lawmakers will argue that we don’t need to see a recession to bring inflation back to target. Powell will likely signal that Americans could see economic pain later this

07-03-2023 07:46 GMT by Edward Moya

Swissie rally fizzles, SNB's Jordan up next

USD/CHF has rebounded on Tuesday, ending a rally that saw the Swiss franc climb over 1%. In the European session, USD/CHF is trading at 0.9344, up 0.40%. Swiss inflation higher than expected Switzerland released the February inflation report on Monday and the reading was higher than expected.

07-03-2023 07:44 GMT by Kenneth Fisher

AUD/USD - is RBA nearing the end of the tightening cycle?

The Australian dollar continues to lose ground and is sharply lower on Tuesday. In the European session, AUD/USD is trading at 0.6676, down 0.81%.

07-03-2023 05:06 GMT by Kenneth Fisher

All eyes on Powell

It's shaping up to be another relatively flat day in the markets as investors turn their attention to Capitol Hill ahead of Jerome Powell's first testimony. The Fed Chair will appear before the Senate Banking Committee later today to testify on the semi-annual monetary policy report. These events naturally attract a lot of attention but the reality is the Chair's performance is usually quite polished and uncontroversial, and the occasion itself can drag on and frequently venture away from topic.

07-03-2023 03:49 GMT by Craig Erlam

Oil pushing higher, gold awaits Powell

Pushing the highs Oil prices rebounded again on Monday, the second day in a row that they've reversed sizeable early losses to end the day in positive territory. They're now on a good run and traders were clearly not deterred by China's modest growth target for long.

07-03-2023 03:39 GMT by Craig Erlam

US Close: Stocks higher on hopes the Fed is almost done, Oil higher, Gold awaits Powell, Crypto little changed

US stocks rallied as optimism grew for the end of the Fed’s rate hiking campaign. It looks like traders are now between two or three more quarter-point rate rises and that is good news for risky assets. This is likely the most important week of the year as we will find out the short-term trajectory for both the world’s two largest economies.

06-03-2023 13:46 GMT by Edward Moya

USD/JPY - Will wage growth shake up the Japanese yen?

The Japanese yen is drifting at the start of the week. In the North American session, USD/JPY is trading just under the 136 line. Japan's wage growth expected to slow Japan will release Average Cash Earnings for January later today.

06-03-2023 12:47 GMT by Kenneth Fisher

A blessing in disguise

It's been a calm start to the week as investors weigh up what China's modest growth target means for the global economy and look ahead to a busy few days. Safe to say markets were surprised by the decision to target only 5% growth this year while signaling no significant stimulus to turbo-charge the economic recovery. It may well prove to be a wise decision when you consider how well the country has transitioned from zero-Covid to living with it, while policymakers around the world may also be b

06-03-2023 09:29 GMT by Craig Erlam

Oil dips on China, gold eyes Powell

Oil slips on modest Chinese growth target It's not been a great day for commodities as a whole and that includes oil, which is down a little over 1% on the day. One big upside risk for oil prices this year was a strong, stimulus-driven, rebound in China and it would appear that isn't going to happen.

06-03-2023 09:24 GMT by Craig Erlam

Canadian dollar eyes Ivey PMI

The Canadian dollar is coming off a relatively quiet week but that could change as there a host of key releases this week. Ivey PMI kicks things off later today, followed by the Bank of Canada rate decision on Wednesday and the February employment report on Friday. Canada's Ivey PMI recorded a massive rebound in January, climbing from 33.4 all the way to 60.1 points.

06-03-2023 07:29 GMT by Kenneth Fisher

Aussie lower ahead of RBA decision

The Australian dollar is under pressure at the start of the new trading week. AUD/USD is trading at 0.6735 in Europe, down 0.50%. RBA expected to hike by 25 bp The RBA is widely expected to raise rates by 25 basis points on Tuesday, which would bring the cash rate to 3.60%, the highest level in a decade.

06-03-2023 05:15 GMT by Kenneth Fisher

Gold - A big week ahead

OANDA Senior Market Analyst Craig Erlam talks about how gold is trading ahead of a big week for the US.

03-03-2023 19:26 GMT by Craig Erlam

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