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Oil in choppy waters, gold awaits nonfarm payrolls
Choppy trading remains in oil Oil has pared earlier losses but remains lower on the day as we near the end of the trading week. We've basically just experienced last week but in reverse, in keeping with how oil markets have traded since early December. Choppy but ultimately range-bound action has been evident throughout that period and while traders will have an eye on the range lows - which have been gradually rising - there's currently little to suggest we're about to see a major breakout in e
10-03-2023 07:09 GMT by Craig Erlam
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Canadian dollar eyes US, Canadian job reports
The Canadian dollar continues to sag and has dropped 1.9% this week. Hold onto your hats, as we could have some further volatility from USD/CAD in the North American session, with the release of the US and Canadian employment reports. All eyes on NFP The highlight of the day is the US nonfarm payrolls report, which is expected to head back to earth after a blowout gain of 517,000 in January.
10-03-2023 04:57 GMT by Kenneth Fisher
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British pound rebounds, UK GDP expected to improve
The British pound has taken advantage of broad US dollar weakness and is sharply higher on Thursday. In the North American session, GBP/USD is trading at 1.1925, up 0.71%. UK GDP expected to rebound It has been a light data calendar this week in the UK.
09-03-2023 12:01 GMT by Kenneth Fisher
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US Open: Stocks turn positive after Jobless Claims rise, Biden’s Budget DOA, Yen strength, Oil rebounds, Gold stabilizes, Crypto pain post Silvergate liquidation
US stocks erased losses after some softening labor data helped cool down this week’s surging Fed rate hike bets. Wall Street is hoping we are about to see a quicker cooling of the labor market, but we probably won't see major positioning until after Friday's NFP report.  Fed Chair Powell seems to have signaled they will accelerate the tightening pace to a half-point rate rise if we get both a hot NFP and inflation reports.
09-03-2023 09:26 GMT by Edward Moya
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Cautious ahead of jobs report
It would appear investors are taking a cautious stance ahead of tomorrow's jobs report, a little spooked by Powell's comments in Congress and fearful of being caught on the wrong side of another hot jobs report. That's clearly the danger at this point, that we get another hot report that confirms January was no blip and instead indicative of a labour market that not only isn't cooling but perhaps getting hotter. The trend pre-January across many indicators pointed to a cooling in the economy and
09-03-2023 08:17 GMT by Craig Erlam
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USD/JPY sharply lower ahead of Kuroda's last meeting
The Japanese yen is showing strength on Thursday. In the European session, USD/JPY is trading at 136.27, down 0.79%. Kuroda's last hurrah After 10 years at the helm of the Bank of Japan, Governor Kuroda chairs his final policy meeting on Friday.
09-03-2023 04:34 GMT by Kenneth Fisher
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Market Insights Podcast (Episode 440)
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
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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
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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
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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
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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
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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
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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
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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
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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
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