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An absolute shambles Another UK Prime Minister has resigned and I've now lost count of how many Chancellors we're going to be up to if Jeremy Hunt is also replaced next week. Liz Truss' position was hanging by a thread and has been since the mini-budget but that unravelled at a remarkable pace. And now the UK is once again waiting to see who will be the next Prime Minister and how the process will be decided. Truss has no doubt been an unmitigated disaster and I'm not sure who exactly will make

20-10-2022 12:46 GMT by Craig Erlam

Truss Resigns, Stocks rally on earnings, US Data, NatGas declines, Bitcoin rebounds but still locked into range

Despite political tumult in the UK and growing pressure on Japan to defend the yen, risk appetite is running wild as US stocks rally as some investors become more upbeat about this earnings season. Mega-cap tech is starting to look attractive again after IBM posted robust sales results despite the currency headwinds.

20-10-2022 12:37 GMT by Edward Moya

Oil higher on possible Chinese COVID pivot, gold rebounds

Energy US natural gas declined to the lowest levels since March as supply concerns have slightly improved. Over the past week, energy traders have digested a few winter weather forecasts and it seems many are thinking the south will be drier and warmer than usual, while the northern tier, Midwest and Ohio valley could have a colder winter. Oil prices rallied on hopes that China is starting to pivot with their COVID quarantine guidelines and as energy traders start to price in a hard floor for

20-10-2022 12:27 GMT by Edward Moya

Euro gains ground on soft US data

EUR/USD has posted considerable gains and is back above the 0.98 level. In the North American session, EUR/USD is trading at 0.9828, up 0.57%. US housing, manufacturing data decline As the Federal Reserve continues to deliver outsized interest rate hikes, the financial markets are closely monitoring US economic data, looking for signs of a slowdown.

20-10-2022 12:18 GMT by Kenneth Fisher

PM Truss resigns, British pound gains ground

Prime Minister Truss resigns The political soap opera continues in the UK, with Prime Minister Truss playing the part of the tragic hero. Truss resigned earlier today, which was perhaps not all that surprising given the chaos that has engulfed her government from the get-go.

20-10-2022 10:03 GMT by Kenneth Fisher

Aussie briefly drops after jobs report

AUD/USD dropped close to 100 points in the Asian session but has recovered and is trading in positive territory. Australia's labour market remains solid Australia released September's employment report earlier Thursday, which indicated that the labour market remains robust. The economy added 13,300 full-time jobs, with a decline of 12,400 part-time jobs.

20-10-2022 06:10 GMT by Kenneth Fisher

USD/JPY breaches 150

USD/JPY continues to gain ground USD/JPY is almost unchanged today but hit a milestone in the Asian session as it briefly darted above the 150 line, which has psychological significance. This marked the yen's lowest level since August 1990 as the currency continues to slide.

20-10-2022 04:51 GMT by Kenneth Fisher

Market Insights Podcast (Episode 389)

Jonny Hart discusses what is driving markets today with OANDA Senior Market Analyst Ed Moya in New York. This week they talk about earnings results from Netflix and Procter & Gamble, what is driving oil markets, and crypto resilience.

19-10-2022 14:40 GMT by Edward Moya

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

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