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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

March monthly preview

OANDA Senior Market Analyst Craig Erlam highlights five things that he believes investors will be closely tracking over the next month.

03-03-2023 19:09 GMT by Craig Erlam

Week Ahead - A pivotal moment

The US has a very busy week ahead. The two main events are Fed Chair Powell’s semi-annual testimony to Congress and the nonfarm payroll report. Powell’s two days at Capitol Hill will undoubtedly draw scrutiny from lawmakers as more tightening will raise the risk this economy is recession bound. Traders will look to see how hawkish Powell will remain given the mostly strong data, recently.

03-03-2023 17:38 GMT by Craig Erlam

Market Insights Podcast (Episode 439)

OANDA Senior Market Analyst Ed Moya reviews the latest market news with Jonny Hart. They discussed the market reaction after the US ISM Service Index and the latest round of Fed speak, oil volatility after the UAE refutes speculation about considering leaving OPEC, cryptos, and the week ahead.

03-03-2023 15:00 GMT by Edward Moya

US Close: Stocks rally on peak hopes, UAE OPEC drama sends prices on a rollercoaster ride, Gold shines, Crypto struggles on Silvergate woes

US stocks rallied after another impressive ISM services index suggests that part of the economy remains healthy and as Treasuries rally after the Fed’s monetary policy report said “high inflation is not becoming entrenched.” Wall Street has had a lot of Fed speak to digest over the past week, but it seems clear that traders believe we are very close to the peak despite all these signs of a resilient economy.

03-03-2023 14:07 GMT by Edward Moya

Ending the week on a high

Stock markets are poised to end the week on a positive note although broadly speaking, it doesn't seem we've progressed in either direction over recent weeks. Trading has become very choppy as the economic data has turned more problematic and interest rate expectations have flipped. Investors are now waiting for evidence that the January figures were the blip many expect they were, driven by unseasonably warm weather, and next Friday's jobs report will be the first such tier-one release. Until t

03-03-2023 08:48 GMT by Craig Erlam

Oil range trading, gold rebounds

Back in the middle of the range A decent week for oil prices comes to an end slightly in the red, perhaps a sign of some profit-taking kicking in. Prices have fluctuated in a range for months now and the current price sits more-or-less in the middle of that range.

03-03-2023 08:44 GMT by Craig Erlam

Euro steady, punches back above 1.06

The euro has steadied on Friday after sustaining sharp losses on Thursday. In the European session, EUR/USD is trading at 1.0615, up 0.18%. Lagarde says more hikes could be coming The markets were treated to somewhat hawkish comments ECB President Lagarde on Thursday, who kept the door open to further rate hikes beyond the expected 50-bp move at the March 16th meeting.

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

USD/JPY dips as Tokyo Core CPI slows

The Japanese yen has gained ground on Friday. In the European session, USD/JPY is trading at 136.17, down 0.44%. Tokyo Core CPI eases There was some positive news on the inflation front, as Tokyo Core CPI for February slowed for the first time since January 2022.

03-03-2023 07:26 GMT by Kenneth Fisher

Sterling slides below 1.20

The British pound is down sharply on Thursday, as the US dollar has recorded strong gains against the major currencies. In the European session, GBP/USD is trading at 1.1930, down 0.80%. In the UK, the economic calendar is unusually quiet this week, with no tier-1 releases. This put BoE speak in the spotlight, with the highlight being a speech from BoE Governor Bailey on Wednesday.

02-03-2023 12:58 GMT by Kenneth Fisher

Stocks slide after labor market data reignites bond market selloff, Jobless claims don't want to rise, Oil choppy but higher on China, Gold struggles, Bitcoin anchored

US stocks are under pressure after another round of economic data suggest central bank tightening by both the Fed and ECB might have to be more aggressive. The bond market selloff returned after EU core price inflation hit fresh record highs and US jobless claims edged lower and as labor costs surged. The 10-year Treasury yield is surging, up 6.7bps to 4.058%, while the 30-year rose above 4.00% for the first time since November. The 2-year Treasury yield is 4.4 bps higher to 4.923% and seems

02-03-2023 09:55 GMT by Edward Moya

Yen edges lower, eyes on Tokyo core CPI

It has been a quiet week for the Japanese yen, but USD/JPY is showing some strength on Thursday and has pushed above the 137 line for the first time this year. Will Tokyo Core CPI continue to rise? Japan's inflation indicators have continued to point upwards. We'll get a look at Tokyo Core CPI for February later today.

02-03-2023 09:18 GMT by Kenneth Fisher

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