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Japanese yen's slide continues
The Japanese yen is sharply lower on Thursday. In the North American session, USD/JPY is trading at 133.90 down 0.93%. What a difference a few days can make.
05-01-2023 10:53 GMT by Kenneth Fisher
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Oil pares losses, gold eyes NFP
A rough couple of days Oil is slightly higher on Thursday, paring losses from the last couple of days. Prices fell almost 10% over the last couple of days as China's efforts to rapidly transition away from its zero-Covid campaign led to a powerful surge in cases, threatening to disrupt activity in the opening months of the year. While most would agree that the move should lead to higher, more sustainable growth later in the year, the near-term outlook is clouded by the transition.
05-01-2023 10:32 GMT by Craig Erlam
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Tech leading the way
It's been a mixed day of trade in Europe and the US is poised to open marginally lower as traders take a step back following a lively start to the year. The Fed minutes may have put a slight dampener on things although I'm not entirely sure. The narrative from the central bank is very much in line with what we should expect.
05-01-2023 10:29 GMT by Craig Erlam
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AUD/USD steadies after banner day
The Australian dollar has posted limited losses on Thursday. In the European session, AUD/USD is trading at 0.6822, down 0.17%. Australian dollar soars as China mulls coal imports The Australian dollar rocketed higher on Wednesday, rising 1.6% and hitting a 3-week high.
05-01-2023 05:23 GMT by Kenneth Fisher
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Market Insights Podcast (Episode 415)
OANDA Senior Market Analyst Ed Moya reviews the latest market news with Jonny Hart. They discussed what the latest ISM says about both manufacturing activity and the labor market, why oil prices are struggling to start the New Year, and the latest news with cryptos.
04-01-2023 13:46 GMT by Edward Moya
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Stocks higher on mixed US data, ISM contracts again, JOLTS impress, Salesforce layoffs, Aussie rises,, bitcoin higher but still in range
US stocks edged higher as investors grew confident that the Fed is nearing the end of its tightening cycle as the manufacturing sector is clearly in a recession, while the labor market refuses to break. ​ This stock market rally however might be short-lived as the ISM report and JOLTS data painted a picture of a resilient labor market that should force the Fed into taking rates even higher into restrictive territory. ​
04-01-2023 13:46 GMT by Edward Moya
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Oil slides again, gold grooves on
Oil Oil is extending declines on concerns that China’s struggles with COVID are not going away anytime soon and as the global economic worries persist as central banks take rates into very restrictive territory. ​ Crude is not getting extra demand this winter as warm weather spans across the US and Europe. ​ ​ Despite all this oil price weakness, the technicals, specifically driven by the Biden administration's intention to buy up crude at around the $70 level to refill the strategic petroleum r
04-01-2023 13:41 GMT by Edward Moya
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Oil takes a hit, gold extends rally
Slide continues amid uncertain China outlook Oil prices have tumbled again today, hit it seems by the uncertain near-term economic prospects for China amid surging Covid cases. While reliable data is seemingly hard to come by, the view appears to be that there'll be significant disruption in the coming months and then a recovery from around the middle of the year which should then boost demand. Brent has now slipped back below $80 a barrel while WTI has fallen below $75, with both now only aroun
04-01-2023 09:10 GMT by Craig Erlam
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Growing Optimism?
Equity markets are pushing higher on Wednesday, buoyed by softer yields and some promising PMI revisions in Europe. It would appear investors are increasingly coming around to the idea that central banks will be forced into cutting rates earlier than previously anticipated in order to support the economy. That would also suggest they anticipate inflation will subside faster than previously thought which would be welcome if true after a year of overshoots. I'm sure this is a position that will ch
04-01-2023 09:08 GMT by Craig Erlam
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GBP/USD pushes above 1.20
The British pound has bounced back on Wednesday and recorded sharp gains. In the European session, GBP/USD is trading at 1.2055, up 0.74%. Food inflation jumps Ask any British consumer, and they'll tell you that food prices have been going through the roof.
04-01-2023 07:35 GMT by Kenneth Fisher
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Euro rebounds as German inflation falls
After a dreadful showing on Tuesday, EUR/USD has rebounded today. In the European session, the euro is trading at 1.0618, up 0.66%. Investors eye German CPI German CPI was lower than expected in December.
04-01-2023 04:56 GMT by Kenneth Fisher
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Oil struggles, gold’s great start
Oil Oil prices are tumbling as risk aversion sends the dollar higher and dampens expectations that the crude demand outlook will improve anytime soon. ​ China’s reopening has too many question marks as hospitals are overwhelmed and medical supplies run low. Crude prices could struggle here as a strong dollar could be here to stay as investors can’t pass up the yield they are getting in fixed income. ​ Manufacturing activity globally mostly appears to be stuck in contraction territory and that mi
03-01-2023 14:58 GMT by Edward Moya
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EUR/USD slides to three-week low
The US dollar is showing strong gains against the majors on Tuesday, with the exception of the Japanese yen. EUR/USD has tumbled by 1.27% and is trading at 1.0528 in Europe. Investors eye German CPI EUR/USD is sharply lower today, despite a very light economic calendar.
03-01-2023 07:14 GMT by Kenneth Fisher
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Japanese yen breaks below 130
The Japanese yen has posted winning sessions for three straight days and is in positive territory on Tuesday. Japanese markets are closed today for a holiday, so any strong movement from the yen is unlikely today. It's a very light day on the economic calendar.
03-01-2023 05:43 GMT by Kenneth Fisher
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No more festive cheer
A mixed start to trading on Tuesday as traders return following the festive break to some rather gloomy forecasts for the coming year. The IMF is among those warning of a tough year, more so than the one we've just left, as the simultaneous slowing down of the US, EU, and China takes its toll. Of course, all forecasts at this moment are subject to enormous uncertainty around the war in Ukraine, inflation, interest rates, and China's Covid response, among others, but it seems almost everyone is g
03-01-2023 04:10 GMT by Craig Erlam
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