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European equity markets opened cautiously higher on Thursday, following a mixed session in Asia amid nerves around the US inflation release later in the day. This inflation print has been the main topic of conversation all week. The jobs report last Friday changed the dynamic in the markets and ensured that not only was this CPI report going to be important but in all likelihood pivotal ahead of next month's Fed meeting. We've gone from inflation declining but the labour market being stubbornly

12-01-2023 04:12 GMT by Craig Erlam

Oil prices steady, gold eyes US inflation

Oil steadies as traders grow more optimistic Oil prices have steadied this morning after recovering strongly on Wednesday. Enthusiasm is building in the aftermath of last week's jobs report and a positive inflation reading today could further fuel that.

12-01-2023 04:06 GMT by Craig Erlam

Oil shrugs off massive build, gold awaits CPI data

Oil Energy traders should get used to seeing oil prices head higher. Oil demand is coming back and expectations are high that China’s demand is about to skyrocket.

11-01-2023 14:57 GMT by Edward Moya

Calm before inflation storm, air travel got grounded, is WWE the next meme stock? Crypto softens

US stocks are drifting higher as optimism remains intact that a pivotal inflation report will continue to show disinflation trends remain in place. Right now might be the calm before the inflation storm as we are not seeing major positioning ahead of this CPI report.

11-01-2023 14:54 GMT by Edward Moya

Japanese yen edges lower

The Japanese yen continues to have a quiet week. USD/JPY has edged up 0.20% and is trading at 132.50. Markets await US inflation report There is optimism in the air ahead of the US inflation report for December.

11-01-2023 11:55 GMT by Kenneth Fisher

Oil and gold jump ahead of inflation report

Buoyed by economic optimism Investor optimism going into tomorrow's US inflation report appears to be feeding through to the oil market, with Brent and WTI both up more than 2% on the day. It will be interesting to see if they can hold onto those gains considering how they've failed to do so over the last four days.

11-01-2023 11:21 GMT by Craig Erlam

All eyes on the inflation report

Investors remain in an upbeat mood going into tomorrow's US inflation report, buoyed still by the December jobs report and the prospect of the economy being less squeezed by interest rates. Fed Chair Jerome Powell may have refrained from commenting on the monetary policy outlook on Tuesday but the chances are he wouldn't have said anything investors would have liked even if he had addressed it. It's been clear from other commentaries that policymakers are sticking to the hawkish script. Another

11-01-2023 11:16 GMT by Craig Erlam

EUR/USD close to 6-month high

The euro is drifting on Wednesday, trading at 1.0730. EUR/USD has climbed about 1% this week, and Monday's high of 1.0760 is its highest level since June 22nd.

11-01-2023 07:18 GMT by Kenneth Fisher

Australian dollar shrugs as CPI jumps

The Australian dollar is trading quietly on Wednesday. AUD/USD is at 0.6904, up 0.14%. Australian CPI climbs to 7.3% Australian inflation pushed higher in November, rising to 7.3% following a 6.9% gain in October.

11-01-2023 04:18 GMT by Kenneth Fisher

Oil higher on demand optimism, gold hovers near highs

Oil Crude prices are higher as economic optimism grows for not just China, but also the eurozone. The oil market is digesting a global slowdown that might not be as bad as feared. Energy traders still believe that OPEC+ will do whatever is needed to keep prices supported and that includes more production cuts this quarter. Oil seems like it wants to waver right now until we get a better handle on China’s Covid surge. As China battles an unprecedented surge in Covid cases, everyone wants to

10-01-2023 11:46 GMT by Edward Moya

Powell remarks were a non-event, stocks edge higher, dollar pares gains, NFIB, coinbase struggles

Whipsaw moves in stocks continue as investors fixate over central bank speak and as they await a pivotal inflation report later this week. US stocks edged higher as we didn’t get a steady dose of hawkish speak from Fed Chair Powell and as expectations grew for disinflation trends to continue. Wall Street appears to be turning more bullish with stocks, but that might include a rebalancing of how much weight they put into tech stocks. Ten days into the New Year and some traders are already t

10-01-2023 11:44 GMT by Edward Moya

AUD/USD edges lower, CPI next

The Australian dollar is in negative territory on Tuesday. In the European session, AUD/USD is trading at 0.6898, down 0.21%.

10-01-2023 09:26 GMT by Kenneth Fisher

Oil in choppy waters, gold holds gains

Demand to pick up later this year It's been a choppy session in the oil market, where Brent is hovering around $80 and WTI $75. We've now seen three sessions on the bounce in which oil prices have rallied before ending the day well off the highs.

10-01-2023 07:01 GMT by Craig Erlam

Fed pushing back

European stock markets are softer in early trade on Tuesday following a similar session in much of Asia as investors turn more cautious ahead of Thursday's US inflation data. The commentary from Fed officials at the start of the week was more hawkish than what investors wanted to hear following a knockout jobs report. Considering the rhetoric in the weeks leading up to Friday, it shouldn't have come as a great surprise that policymakers are sticking to the "higher for longer" narrative. There ha

10-01-2023 06:57 GMT by Craig Erlam

Euro rally fizzles after hawkish Fedspeak

The euro has run out of steam, after an impressive two-day rally that lifted EUR/USD by 2%. On Tuesday, the euro is unchanged at 1.0734. There are no major releases out of Europe or the US today, which could mean a quiet day for the euro.

10-01-2023 06:05 GMT by Kenneth Fisher

Japanese yen yawns as inflation hits 4%

The Japanese yen continues to have a quiet week. USD/JPY is showing little movement on Tuesday, trading at 131.84. Tokyo Core CPI hits 4.0% Tokyo Core CPI, a key inflation indicator, was higher than expected and in December hit 4.0% for the first time since 1982.

10-01-2023 04:01 GMT by Kenneth Fisher

Market Insights Podcast (Episode 417)

OANDA Senior Market Analyst Ed Moya reviews the latest market news with Jonny Hart. They discussed Brazil's riots, China's reopening momentum and the impact on oil prices, and the recent outperformance some blockchain protocol cryptos are having over Bitcoin and Ethereum.

09-01-2023 15:04 GMT by Edward Moya

Stocks rally on soft landing hopes, Goldman Layoffs, oil rallies on China optimism, gold higher, Solana impresses

US stocks are rallying as soft-landing hopes grow ahead of this week’s key CPI report that should show disinflation trends remain intact. Wall Street is pricing in the Fed to be one and done with tightening and possibly cutting rates at the end of the year. Today’s risk-on rally for stocks got a boost from a weaker dollar and optimism that China’s reopening was gaining steam. Corporate headlines are showing consistent stories of a weakening consumer which should help bring down inflation.

09-01-2023 14:27 GMT by Edward Moya

Oil rallies on China optimism, gold higher

Crude prices are rallying as China’s borders open, refiners get big quotas, and as the dollar slides. Chinese hopes for an improving reopening from Covid could help propel oil prices much higher. Oil’s downward trend was approaching critical support, so energy traders were eagerly looking for any reason to jump back into the oil trade. The macro environment seems like it is improving and that should help keep oil’s rally going. If the soft landing actually happens, oil might trade closer to

09-01-2023 14:21 GMT by Edward Moya

Continuing encouragement

The year got off to a promising start last week, buoyed by a goldilocks jobs report that left investors in a good mood going into another interesting period. Last week's jobs report ticked every box. Jobs growth was good but not too much, participation improved, wage growth moderated and revisions to the November data eradicated any fears that the report initially triggered.

09-01-2023 12:32 GMT by Craig Erlam

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