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Mid-Market Update: Mixed Economic Data keeps stocks volatile, Oil rallies as Russia hints at output cut, Gold rallies, Cryptos edge higher

US stocks pared earlier losses as traders digest a wide range of mixed economic data that overall supports the story that inflation is coming down. Wall Street had a tale of two rounds of economic readings. The first wave, before the opening bell showed CAPEX is weakening and softer consumer demand. The second round of data was rather upbeat as consumer sentiment improved and inflation expectations dropped even further. New Home Sales also unexpectedly improved, but no one is betting that th

23-12-2022 11:06 GMT by Edward Moya

Yen steady after core inflation as expected

The dust is beginning to settle after the Bank of Japan's stunning move earlier this week. At its policy meeting, the BoJ widened the yield curve on long-term bonds from 0.25% to 0.50%. The move blindsided the markets, which had anticipated a ho-hum BoJ meeting with no changes in policy.

23-12-2022 07:48 GMT by Kenneth Fisher

Canadian dollar eyes GDP, US data

The Canadian dollar has edged lower on Friday. In the European session, USD/CAD is trading at 1.3600, down 0.33%. We could see stronger movement from the Canadian dollar in the North American session, with key events in both Canada and the US.

23-12-2022 06:43 GMT by Kenneth Fisher

US Close: bye-bye Santa rally, grinch selloff is here to stay, US data, Micron gloom, oil wavers, gold drops, cryptos lower

The Grinch selloff is firmly in place after Micron delivered a gloomy outlook and as better-than-expected US economic data supported the Fed's case for more ongoing rate increases. Global coordinated central bank tightening has yet to fully impact most of the economic readings for the major economies and that should have investors nervous over earnings downgrades and credit risks. US data Following another round of economic data, the US economy doesn’t look like it wants to head into a reces

22-12-2022 14:01 GMT by Edward Moya

Japanese yen steady ahead of CPI

The Japanese yen has edged higher on Thursday. In the European session, USD/JPY is trading at 132.09, down 0.27%. The dust has settled after Tuesday's dramatic events, when the yen shot up 3.7%.

22-12-2022 08:09 GMT by Kenneth Fisher

Euro steady on light data calendar

EUR/USD continues to drift this week, content to stick close to the 1.06 line. There are no eurozone releases today, so I expect the euro to continue treading in place for the remainder of the day. This week's data calendar in Europe has been very light, with mostly tier-2 releases.

22-12-2022 07:16 GMT by Kenneth Fisher

Canadian dollar yawns after mixed CPI report

The Canadian dollar continues to have an uneventful week. USD/CAD is unchanged on Thursday, trading at 1.3608 in the European session. Canada's CPI slows to 6.8% There was mixed news from Canada's November inflation report and the Canadian dollar showed little reaction.

22-12-2022 05:50 GMT by Kenneth Fisher

Market Insights Podcast (Episode 414)

OANDA Senior Market Analyst Ed Moya reviews the latest market news with Jonny Hart. They discussed the surprisingly good earnings and reactions from Nike and FedEx, energy markets, and the latest news with cryptos.

21-12-2022 22:40 GMT by Edward Moya

Euro steady after German consumer confidence

EUR/USD continues to have a quiet week, as the euro appears content to trade close to the 1.06 line. German consumer confidence ticks higher Germany's consumer confidence is inching higher but remains buried in negative territory. The GfK Consumer Sentiment Index is forecasting a read of -37.8 for January, up slightly from -40.1 in December and above the consensus of -38.0 points.

21-12-2022 13:39 GMT by Kenneth Fisher

Stocks embrace confidence data and earnings, return of confidence, earnings impress, cryptos edge lower

US stocks are rallying after consumer confidence bounces back and on strong earnings by Nike and FedEx. The news was too good today and that has made the many Grinches on Wall Street tentatively throw in the towel. Return of Confidence Today’s consumer confidence reading is a head-scratcher for people expecting the economy to quickly fall into a recession.

21-12-2022 13:10 GMT by Edward Moya

Oil rallies, gold wavers

Oil Crude prices are rallying after stockpiles declined more than expected and as OPEC+ remains committed to keeping supplies tight. The EIA report showed that crude, gasoline, and distillate demand improved from the prior week.

21-12-2022 13:00 GMT by Edward Moya

GBP/USD under pressure, UK GDP next

GBP/USD is sharply lower on Wednesday. In the North American session, the pound is trading at 1.2093, down 0.74%. Retail sales outperform There was an unexpected surprise from the UK CBI Realized Sales today.

21-12-2022 11:25 GMT by Kenneth Fisher

USD/CAD calm ahead of Canadian CPI

USD/CAD has posted small gains on Wednesday and is trading at 1.3631 in the European session. Canadian dollar eyes inflation report Canada releases the November inflation report later today. The inflation print will be closely watched by investors, as the releases could signal what action the Bank of Canada takes next.

21-12-2022 07:23 GMT by Kenneth Fisher

Japanese yen steadies after massive gains

The Japanese yen is unchanged on Wednesday, taking a pause after posting huge gains a day earlier. In the European session, USD/JPY is trading at 131.68. BoJ yield move sends yen soaring It was a day to remember for the Japanese yen, which gained a staggering 3.7% against the dollar.

21-12-2022 05:45 GMT by Kenneth Fisher

Stocks to try end slide, BOJ stuns markets, housing weakness, modest crypto gains

US stocks are attempting to snap a four-day losing streak even as hopes for a Santa Claus rally fade away. The BOJ's yield pivot sent the dollar tumbling which gave all risky assets a little jingle.

20-12-2022 12:44 GMT by Edward Moya

Oil rises, gold shines

Oil Crude prices got an unexpected boost from a surprising Bank of Japan decision to shift their policy which sent the dollar tumbling. Oil should be higher, but China’s COVID surge has energy traders refraining from betting on a quick complete reopening.

20-12-2022 12:34 GMT by Edward Moya

Euro eyes German consumer confidence

EUR/USD continues to drift and is showing little movement on Tuesday. In the European session, EUR/USD is trading at 1.0630, up 0.21%. German consumer confidence expected to remain low In Germany, Ifo Business Confidence improved to its highest level in five months on Monday, showing a rebound in optimism across the manufacturing and service sectors.

20-12-2022 12:21 GMT by Kenneth Fisher

AUD/USD slides after dovish RBA minutes

The Australian dollar has posted sharp losses on Tuesday. AUD/USD is trading at 0.6647 in the North American session, down 0.77%. Minutes - RBA considered pause The markets were hoping that the RBA minutes would provide clues as to when the RBA might wind up its tightening cycle, and the RBA appeared to deliver the goods. The minutes indicated that the central bank considered pausing its tightening in December.

20-12-2022 09:13 GMT by Kenneth Fisher

USD/JPY rockets after BoJ shocker

The Japanese yen has sent the dollar tumbling on Tuesday. USD/JPY has fallen 3.26% and is trading at 132.44 in Europe.

20-12-2022 05:44 GMT by Kenneth Fisher

Market Insights Podcast (Episode 413)

OANDA Senior Market Analyst Ed Moya reviews the latest market news with Jonny Hart. They discussed the Elon Musk's Twitter poll, energy markets, and the latest news with cryptos.

19-12-2022 20:33 GMT by Edward Moya

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