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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

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

EUR/USD - US data key ahead of the Fed

OANDA Senior Market Analyst Craig Erlam discusses EURUSD as we await some huge economic data releases and the Fed rate decision in two weeks.

09-03-2023 11:52 GMT by Craig Erlam

Canadian dollar slips to lowest level since October 2022 after Bank of Canada pauses

The Canadian dollar has edged higher on Thursday and trading slightly below the 1.38 line. The Canadian dollar is struggling and has declined by 1.5% this week. Bank of Canada holds rates As widely expected, the Bank of Canada took a breather at Wednesday's meeting and maintained the cash rate at 4.50%.

09-03-2023 09:43 GMT by Kenneth Fisher

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

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

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

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

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

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