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Pound soars after Kwarteng U-turn
GBP/USD is up for a sixth straight day. In the North American session, the British pound is trading at 1.1272, up 0.94%. It was quite the ride for the last week, as it traded in a 500-point range and touched a record low of 1.0359.
03-10-2022 12:15 GMT by Kenneth Fisher
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An eventful start
The week is off to an eventful start with the UK government announcing its first u-turn, speculation mounting ahead of the OPEC+ meeting and Japan warning of another possible FX intervention. Equity markets have been flashing red once again on Monday as investors continue to fret over the outlook for the global economy. There remains considerable uncertainty over where the peak is for inflation and interest rates and how quickly they will fall thereafter.
03-10-2022 09:36 GMT by Craig Erlam
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All eyes on OPEC+, gold ticks higher
How much will OPEC+ cut by? Markets have been awash with OPEC+ speculation this morning, with reports suggesting the group will consider an output cut in excess of one million barrels per day and that Saudi Arabia could unilaterally add to that. After a year of tolerating extremely high prices, missed targets and severely tight markets, the alliance seemingly has no hesitation when it comes to acting rapidly to support prices amid a deterioration in the economic outlook. Any cut will no doubt fr
03-10-2022 09:31 GMT by Craig Erlam
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Japanese yen tiptoes at 145 line
USD/JPY has edged higher at the start of the week, trading at 145.10 in the European session. Tokyo Core CPI next Japan's Tankan indices for Q3 were mixed and the yen had a muted response. Manufacturing dropped to 8, down from 11 in Q1 and missing the consensus of 11 points.
03-10-2022 06:09 GMT by Kenneth Fisher
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Market Insights Podcast (Episode 381)
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, crude oil's worst quarter in over two years, and what is happening in crypto markets.  They also discuss what the week ahead has in store for financial markets.
30-09-2022 14:23 GMT by Edward Moya
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New Zealand dollar tumbles
The New Zealand dollar is down sharply today. In the European session, NZD/USD is trading at 0.5676, down 0.85%. New Zealand dollar can't find its footing It has been a tumultuous week in the currency markets, and the New Zealand dollar is about to record a losing week for a seventh straight time.
30-09-2022 08:26 GMT by Kenneth Fisher
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Week Ahead - Jobs report eyed
It remains all about the Fed as it continues down an aggressive tightening path.  Wall Street will now fixated on how quick this economy is going to weaken.  A weakening consumer will help drive down inflation but so far this economy has shown a lot of resilience in the service sector.  Investors will have a handful of key economic releases to follow this week.  On Monday, the ISM manufacturing report is expected to soften but still remain in expansion territory while prices paid, new orders
30-09-2022 08:15 GMT by Craig Erlam
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A busy end to the week
Stock markets are bouncing back on Friday, although I don't think anyone is getting excited by the moves which pale in comparison to the losses that preceded them. This looks like nothing more than a dead cat bounce after a steep decline over the last couple of weeks as investors have been forced to once again accept that interest rates are going to rise further and faster than hoped. Double-digit eurozone inflation Inflation in the eurozone hit 10% in September ahead of schedule, with markets e
30-09-2022 07:17 GMT by Craig Erlam
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Oil edges higher, gold rally continues
Oil edges higher into the weekend Oil prices are rising again as we head into the weekend, with the focus now on the OPEC+ meeting next week. There's been plenty of rumours about how the alliance will respond to the deteriorating economic outlook and lower prices.
30-09-2022 07:08 GMT by Craig Erlam
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EUR/USD falls as inflation jumps
The euro is showing limited movement today, after a two-day rally. In the European session, EUR/USD is trading at 0.9759, down 0.55%. It has been a week of swings for the euro, which has traded in a 300-point range.
30-09-2022 06:56 GMT by Kenneth Fisher
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Japanese yen shrugs after solid data
The yen has been drifting for most of the week and the trend is continuing today. USD/JPY is almost unchanged at 144.32. Japanese data surprises on the upside Japan has released strong industrial production and retail sales data, a further indication that the Japanese economy is improving.
30-09-2022 04:59 GMT by Kenneth Fisher
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Pound takes a breather after wild ride
British pound calm after tumultous week The British pound has posted slight gains, after a spectacular showing on Thursday. In the European session, GBP/USD is trading at 1.1145, up 0.26%. For anyone looking for lots of volatility, look no further.
30-09-2022 04:08 GMT by Kenneth Fisher
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US close – stocks slump on Fed hawks and hot economic data, Apple and Meta hit hard, dollar softens into quarter-end, oil falls, gold pared losses, bitcoin holds onto $19k
US stocks are weakening once again after hot inflation readings and another round of hawkish Fed speak. Risky assets don’t stand a chance of a meaningful rally if the economy continues to show resilience while inflation continues to be significantly above the Fed’s Funds rate. ​ Fed’s Mester signaled that a recession won’t prevent the Fed from tightening policy further and Bullard reiterated their determination to get rates to a level that can cool inflation. ​ Big-Tech Woes
29-09-2022 16:26 GMT by Edward Moya
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Stubborn inflation
Another miserable day for European equity markets as the prospect of recession becomes ever more real. US markets aren't faring any better after the jobless claims data that showed the labour market is still performing remarkably well despite all of the challenges the economy faces. While that would ordinarily be celebrated, on this occasion that resilience could translate to stubborn inflation and more rate hikes. Focus will now shift to inflation, income and spending figures tomorrow.
29-09-2022 13:00 GMT by Craig Erlam
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Oil in choppy waters, gold recovers
Oil choppy amid OPEC+ rumours The battle between the economic outlook and OPEC+ continues in the oil market, with prices boosted by reports of discussions between producers around an output cut ahead of the meeting next week. This shouldn't come as a huge surprise under the circumstances as the alliance has previously alluded to its willingness to cut further if fundamentals change. The question is whether they'll take the leap given the enormous uncertainty in the economic outlook at this poi
29-09-2022 13:00 GMT by Craig Erlam
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Australian dollar remains volatile
AUD/USD has reversed directions today and is down 1.07%, trading at 0.6425. Aussie roller-coaster continues The currency markets have been busy this week, and the Australian dollar hasn't missed out on the action. On Wednesday, AUD/USD traded in a range of almost 200 points and ended the day with sharp gains of 1.3%, but has pared most of those gains today.
29-09-2022 10:20 GMT by Kenneth Fisher
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