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US Close: Stocks lower as yields pop, Strong earnings from both Netflix and Procter & Gamble, Oil rebounds, Gold beating continues, Bitcoin holds $19k

US stocks are weakening as the bond market selloff is picking up again after further signs the Fed is going to remain hawkish. The Fed’s Kashkari said he doesn’t see them stopping raising rate at 4.50-4.75% if they are not making progress with core CPI. He also noted that he sees little evidence the labor market is softening and that they don’t see any evidence that core inflation has peaked. Markets expect the Fed to deliver another 75 basis point increase in November and the odds are rising

19-10-2022 14:06 GMT by Edward Moya

AUD/USD eyes job data

AUD/USD is considerably lower today, trading at 0.6273, down 0.57%. Employment data expected to remain strong Australia releases employment data on Thursday, with the markets expecting that the report will show that the labour market remains robust. The economy is forecast to have created 25,000 jobs in September, following the 35,000 gain in August.

19-10-2022 12:04 GMT by Kenneth Fisher

Canadian dollar yawns after inflation report

USD/CAD pushed higher earlier in the day but has pared most of those gains. In the North American session, the Canadian dollar is trading at 1.3757, up o.17%. Canada's CPI ticks lower Headline inflation ticked lower to 6.9% in September, down from 7.0% in August.

19-10-2022 10:33 GMT by Kenneth Fisher

Earnings buoy Wall Street

Trading is mixed in Europe on Wednesday, with Wall Street eyeing a slightly stronger open amid bumper Netflix earnings. Netflix is a hit Netflix results are expected to be a hit on Wall Street when the bell rings on Wednesday, with pre-markets pointing to a more than 13% rally in the stock. The streaming company reported revenues and earnings that comfortably surpassed expectations, while subscriber growth more than doubled forecasts.

19-10-2022 07:35 GMT by Craig Erlam

Oil stabilizes, gold under pressure

Oil steadying after falling 10% Oil prices are trading higher on Wednesday after falling once more a day earlier. Brent was down around 10% from just over a week ago at one stage on Tuesday, a sign of how concerned traders are about the economic outlook and how serious the Biden administration is about using the SPR to drive prices lower ahead of the midterms. It's such a huge political issue in the US and could swing the midterms one way or another with the margins in the House and the Senate

19-10-2022 07:32 GMT by Craig Erlam

Japanese yen heading towards 150

USD/JPY continues to inch upwards and is trading at 149.69, up 0.31%. Yen closing in on 150 The yen hasn't managed a winning session since October 4th and it's looking likely to breach the symbolic 150 level, perhaps before the week is over. The yen hasn't traded at such low levels since 1990 and a turnaround from its prolonged slide doesn't appear likely. The Bank of Japan has been under pressure to rethink its ultra-loose policy, as the yen has plummeted and inflation has climbed above the

19-10-2022 07:22 GMT by Kenneth Fisher

Pound falls as inflation rises

GBP/USD is in negative territory today. In the European session, the pound is trading at 1.1261, down 0.48%. Inflation rises to double-digits UK inflation rose to 10.1% in September, up from 9.9% in August and above the consensus of 10.0%.

19-10-2022 05:12 GMT by Kenneth Fisher

Another impressive bear market rally, bitcoin holds $19k

Back-to-back gains for stocks were powered by another round of strong earnings and a mixed round of economic data that suggests the economy is softening. After the close, traders will pay close attention to JB Hunt earnings as they will provide an update on what shipping trends to expect this quarter.

18-10-2022 16:12 GMT by Edward Moya

Oil tumbles, gold slides

Oil falls on SPR, China fears Crude prices are sliding on expectations the Biden administration will continue to tap strategic oil reserves and on fears China’s situation is much worse. The Biden administration has one mission right now and that is to ease the inflation pain the American consumer is feeling before the midterm elections. The price at the pump is an important weekly reminder for the consumer and energy traders should not be surprised if Biden continues to be aggressive in tapp

18-10-2022 16:05 GMT by Edward Moya

New Zealand dollar extends rally

NZD/USD was up sharply earlier in the day but has pared most of those gains. In the North American session, the New Zealand dollar is trading at 0.5663, up 0.49%. New Zealand inflation higher than expected New Zealand inflation jumped 2.2% MoM in the third quarter, higher than the estimate of 1.6%.

18-10-2022 12:06 GMT by Kenneth Fisher

GBP/USD steadies after rally

GBP/USD has edged lower today, after starting the week with sharp gains. In the North American session, GBP/USD is trading at 1.1334, down 0.18%. Pound jumps after Hunt axes tax cuts The pound continues to show strong volatility as the political saga continues in the UK.

18-10-2022 09:25 GMT by Kenneth Fisher

Oil prices stablilise, gold rebounds

OPEC+ defends cut as oil steadies around $90 Oil prices are continuing to stabilise around $90 a barrel as OPEC+ steps up its defence of its two million barrel per day cut amid a backlash from the US, in particular. Meanwhile, the world's largest economy is reportedly considering another release of strategic reserves in order to offset the impact of the cuts and stop fuel prices jumping as midterms near. How effective the SPR release will be may well depend on whether others join as we saw ear

18-10-2022 05:55 GMT by Craig Erlam

Flashing green

Asian stocks were flashing green on the second day of trading, while Europe is poised to open in a similarly positive manner as sentiment continues to improve, albeit from very low levels. There's still a strong feeling of a bear market rally about trading over the course of the last week. From the post-US-inflation rebound to what has now been a strong start to the week - in part driven by the UK's decision to no longer shoot itself in the foot - nothing about this screams sustainable. Of cou

18-10-2022 05:51 GMT by Craig Erlam

USD/JPY breaks above 149

USD/JPY has edged higher today and is currently trading at 149.17. The yen has fallen for eight straight sessions, losing 500 points in that time. Yen slide continues The yen continues to set new 24-year-old lows as the dollar/yen has pushed above the 149 line.

18-10-2022 05:10 GMT by Kenneth Fisher

Market Insights Podcast (Episode 388)

OANDA Senior Market Analyst Craig Erlam reviews the latest market news with Jonny Hart. They discuss the new UK Chancellor's mini-budget reversal, Japanese intervention and earnings season.

17-10-2022 11:06 GMT by Craig Erlam

Oil edges lower, gold jumps, bitcoin on the rise

Settling down? It's been another turbulent few weeks in oil markets from global growth concerns to super-sized OPEC+ output cuts and it seems they're yet to fully settle down. Brent has seen lows of $82 and highs of $98 so perhaps what we're now seeing is it finding its feet somewhere in the middle.

17-10-2022 10:07 GMT by Craig Erlam

The mother of all U-turns

A humiliating blow Another turbulent start to the week, albeit a positive one broadly speaking with equity markets around 1% higher in Europe after a decent start to the week in Asia. Since Liz Truss became UK Prime Minister, uneventful days have eluded us and this week has also got off to another hectic start. While the Prime Minister had every intention of making waves in her first weeks in charge, she clearly didn't anticipate the storm that was brewing and I'm sure she more than anyone at

17-10-2022 10:06 GMT by Craig Erlam

Market Insights Podcast (Episode 387)

Jonny Hart looks back on the week's business and markets news with OANDA Senior Market Analyst Ed Moya in New York. This week they talk about another hot inflation report, JPMorgan Earnings, University of Michigan inflation expectations, crude's bad week, and crypto resilience. They also discuss what the week ahead has in store for financial markets.

14-10-2022 14:03 GMT by Edward Moya

Week Ahead - Earnings season heats up

US After a hot inflation report, the focus shifts to how policymakers will change their tune on how aggressive the Fed should now be. On Tuesday, we will hear from the Fed’s Bostic and Kashkari.

14-10-2022 12:28 GMT by Craig Erlam

GBP/USD - Can UK u-turns save sterling?

OANDA Senior Market Analyst Craig Erlam discusses the latest developments in GBP amid higher US inflation and more political turmoil in the UK.

14-10-2022 11:52 GMT by Craig Erlam

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