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US Close - Stocks stay hot, Dollar wavers, Oil steady, Gold rally hits a wall, Crypto momentum
US stocks are rallying as Wall Street awaits a busy earnings week as well as major GDP and core PCE data later this week that should confirm Fed calls for another downshift in tightening of rates.  Corporate earnings have been coming in softer than expected and that should continue to drive recession trends, which are what is needed to get the Fed to stop tightening. Salesforce is gaining much attention after activist Elliot Management took a multibillion-dollar stake in it.  Spotify also announ
23-01-2023 15:26 GMT by Edward Moya
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British pound dips, PMIs next
The British pound has started the new trading week in negative territory, but has manged to pare most of the losses. In the North American session, GBP/USD is trading at 1.2369, down 0.23%. Markets eye UK PMIs It's a quiet start to the week, with no UK releases and only one minor US event on Monday.
23-01-2023 11:30 GMT by Kenneth Fisher
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Euro hits 9-month high but pares gains
The euro has started the week with gains. EUR/USD briefly punched above the 1.09 line earlier today, for the first time since April but has pared these gains. Tough ECB talk boosts euro The ECB meets next on February 2nd and is widely expected to raise rates by 50 basis points.
23-01-2023 09:19 GMT by Kenneth Fisher
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A big week of earnings
Not the most eventful start to the week but that's unlikely to last with earnings being a particular focus in the coming days. This is likely to be one of the busier earnings weeks with some major names scheduled to report. It hasn't been a great start and disappointing results last week, particularly in financials, took the wind out of the sails of the new year rally.
23-01-2023 08:13 GMT by Craig Erlam
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Market Insights Podcast (Episode 422)
OANDA Senior Market Analyst Ed Moya reviews the latest market news with Jonny Hart. They discussed Netflix earnings, Google's layoff announcement, oil markets, crypto news, and the week ahead.
20-01-2023 13:30 GMT by Edward Moya
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Stocks rally as Google job cuts support disinflation trends, Fed speak, Oil’s good week, Gold hovers near 9-month highs, Bitcoin above $21k
US stocks are rallying as tech stages a comeback following Google parent Alphabet’s announcement that they will cut its global workforce by more than 6%. The reduction of 12,000 jobs globally for Google confirms a clear trend of mega-cap cost-cutting measures. ​ First it was Amazon and Microsoft with major job cut announcements and now it is Google. ​ We should see this theme spread across other sectors throughout the year and that should help keep disinflation trends intact.
20-01-2023 12:09 GMT by Edward Moya
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Week Ahead - Earnings season a highlight
US It will be a busy week filled with the first look at Q4 GDP, corporate earnings, and US debt ceiling gridlock. There is a lot of risk on the table and a key focal point for many will be the modest growth we will see alongside a plethora of data points that are signalling recession warnings.
20-01-2023 12:01 GMT by Craig Erlam
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It's going to be a bumpy ride
It's been another eventful week and one that serves to remind us that while there may be more sources of optimism this year, compared with last, it's going to be a very bumpy ride. There's no doubt that there's been plenty more cause for optimism so far this year, especially compared with what we became accustomed to in 2022. The US could achieve the soft landing that many have doubted is possible, China could bounce back strongly from the dropping of Covid restrictions and the euro area may avo
20-01-2023 08:39 GMT by Craig Erlam
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Oil remains choppy, gold near record high
Speed bumps ahead Oil prices have been choppy this week after climbing back towards their late December/early January peaks. It would appear the rally is running short of momentum amid a week of less promising data from the US and a downturn in market sentiment, more broadly.
20-01-2023 08:29 GMT by Craig Erlam
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EUR/USD drifting continues
The euro continues to have a very quiet week, as EUR/USD appears content to trade around the 1.08 line. Lagarde brings her message to Davos It's difficult to think of ECB President Lagarde as a hawk, as she ignored rising inflation in the eurozone for a long period, insisting that it was transitory. The ECB was late to the global tightening party and found itself scrambling to curb inflation.
20-01-2023 07:30 GMT by Kenneth Fisher
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USD/CAD eyes retail sales
The Canadian dollar is unchanged on Friday, trading at 1.3466 in the European session. We could see some volatility in the North American session, as Canada releases retail sales. Retail sales expected to decline The markets are bracing for a downturn in retail sales for November, with a forecast of -0.5% m/m for the headline figure and -0.4% for the core rate.
20-01-2023 05:41 GMT by Kenneth Fisher
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Yen edges higher ahead of Tokyo CPI
The Japanese yen has edged higher on Thursday, after showing strong volatility a day earlier. In the North American session, USD/JPY is trading at 128.48, down 0.32%. There was plenty of anticipation ahead of the Bank of Japan meeting on Wednesday, with speculation that the central bank would follow up on the December meeting and change its policy settings.
19-01-2023 10:56 GMT by Kenneth Fisher
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Central bank warnings
It's been a solid start to the year for equity markets but that optimism appears to be fading as policymakers queued up in Davos to push back against market interest rate expectations. Let's be clear on this; the markets have a much better record over the last 18 months of anticipating shifts in interest rates than central banks so to some degree these warnings will fall on deaf ears. But then, they come at a time when stocks have had a good run so perhaps it's a case of any excuse to lock in so
19-01-2023 08:38 GMT by Craig Erlam
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Will retail sales weigh on British pound?
The British pound is almost unchanged on Thursday, trading at 1.2342 in the European session. Markets brace for another decline in retail sales All eyes will be on the UK's December retail sales, which will be released on Friday. The UK consumer has been holding tight to the purse strings, which is bad news for an economy that has tipped into recession.
19-01-2023 08:16 GMT by Kenneth Fisher
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AUD/USD slides after soft Aussie job report
The Australian dollar has extended its slide on Thursday. AUD/USD is trading at 0.6884 in Europe, down 0.82%. Australian employment data disappoints Australia's December employment report was weaker than expected, sending the Australian dollar sharply lower.
19-01-2023 05:05 GMT by Kenneth Fisher
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