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Yields surge as Fed begins 2-day policy meeting, Riksbank sets the tone, Mixed housing data, dollar higher, Nasdaq embraces crypto
US stocks are weakening as Wall Street expects the Fed to remain aggressive with their fight against inflation and as Ford reminds us supply chain issues are still troubling. ​ ​ Yields are surging as the inflation-fighting Fed is expected to remain relentless with the tightening of policy, which is raising the risk of a severe recession.
20-09-2022 12:44 GMT by Edward Moya
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Oil lower, gold stumbles
Oil Oil prices are lower as energy traders await a wrath of central bank decisions that will trigger mid-cycle slowdowns that will cripple the short-term crude demand outlook. Commodities are broadly weaker as this week is all about the aggressive monetary policy tightening to combat inflation. OPEC+ may have a strong case to lower output after this week’s central bank decisions. ​ A global economic slowdown is here and unless the oil market sees some surprise disruptions or broader market rally
20-09-2022 12:37 GMT by Edward Moya
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USD/CAD jumps as Canadian CPI falls
The Canadian dollar is sharply lower today. In the North American session, USD/CAD is trading at 1.3329, up 0.59% on the day. Canada's inflation surprises to the downside Canada's August inflation report fell to 7.0%, down sharply from 7.0% in July and below the consensus of 7.3%.
20-09-2022 09:53 GMT by Kenneth Fisher
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USD/JPY rises as inflation rises
The Japanese yen is in negative territory, as USD/JPY trades at 143.67, up 0.31%. Will Fed or BoJ wake up sleepy yen? There is plenty of anticipation, as the Federal Reserve holds a meeting on Wednesday, followed by the Bank of Japan the next day. The yen has shown limited movement, oblivious to all the fuss.
20-09-2022 09:11 GMT by Kenneth Fisher
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AUD/USD dips after RBA minutes
The Australian dollar is in negative territory today. AUD/USD is trading at 0.6706, down 0.30% on the day. RBA says rates to increase The RBA minutes of the September 6th meeting didn't shed any new light on the central bank's rate policy, and the Australian dollar's response has been muted.
20-09-2022 04:44 GMT by Kenneth Fisher
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A turbulent week ahead
It's been quite a volatile start to the week which is unlikely to abate considering what's to come over the next few days. Central banks are lining up this week to deliver huge rate hikes as the desperate fight against inflation continues. The Fed headlines on Wednesday but others will follow including the BoE, SNB, SARB and the Norges Bank on Thursday.
20-09-2022 03:41 GMT by Craig Erlam
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Oil rebounds, gold eyes central banks
Oil prices bounced back well at the start of the week, as choppy trading conditions were seen across various asset classes. Brent is trading back around $90 a barrel after briefly dipping back towards the lows of the last six months where we continue to see substantial support. OPEC+ fell short of its output target by 3.583 million barrels per day in August in a further reminder to the markets of the tight conditions we continue to operate within.
20-09-2022 03:34 GMT by Craig Erlam
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Oil, gold under pressure from central banks
Oil Crude prices were under pressure as fears of an aggressive central bank tightening are driving concerns for a quickly weakening global economy and as the UAE plans to increase oil output. ​ The global economy is slowing and that has been troubling for the crude demand outlook. ​ Oil pared losses as Wall Street saw a broad reversal at the NY open. While pessimism remains elevated for global growth, extreme positioning before the Fed seems unlikely. ​ Gold Gold is breaking as surging real rate
19-09-2022 12:37 GMT by Edward Moya
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Australian dollar falls, RBA minutes loom
The Australian dollar has started the week with considerable losses. In the North American session, AUD/USD is trading at 0.6694, down 0.40%. Will minutes shed light on RBA's plans? It's a light calendar this week for Australian releases.
19-09-2022 12:25 GMT by Kenneth Fisher
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SNB expected to deliver 0.75% hike
The Swiss franc has started the week in negative territory. In the North American session, USD/CHF is trading at 0.9674, up o.31%. Swiss National Bank to continue tightening The Times They Are a Changin. This is nowhere more apparent than in Switzerland, where the SNB is poised to end the negative rate era on Thursday.
19-09-2022 10:14 GMT by Kenneth Fisher
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Oil steadies, gold plunge, bitcoin under pressure
OPEC+ threats lending support It's been another volatile week for oil prices, with global growth fears dampening the demand outlook but OPEC+ sitting in the background ready to respond if prices drop too far. Brent crude remains above $90 at the moment which may stop the alliance from calling one of the emergency meetings it warned of but if growth fears continue to rise, that may change.
16-09-2022 17:35 GMT by Craig Erlam
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Not what investors had in mind
A confidence hit This isn't the end of the week that investors had in mind when they were front-running Tuesday's inflation report in anticipation of another deceleration in price growth. The mood has turned far more pessimistic over the last few days, from the possibility of the much discussed "dovish pivot" from the Fed next week to a potential 1% hike and recession next year. That's quite the shift on the back of one economic release but that's the weight that investors had put on the report
16-09-2022 17:33 GMT by Craig Erlam
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Week Ahead - Aggressive tightening
Many on Wall Street are watching the Fed’s rate hiking cycle and are getting nervous they will tip the economy into a recession.  With scorching inflation, the FOMC may consider a full-point rate hike but will likely settle on delivering its third consecutive 75 basis-point increase. At Wednesday’s policy meeting, Fed Chair Jerome Powell will likely acknowledge downside risks to growth are here and unrelenting inflation is forcing them to maintain an aggressive pace of tightening.
16-09-2022 16:28 GMT by Craig Erlam
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US Close: Stocks remain in doom and gloom mode after FedEx Warning, Oil's bad week, Gold steadies, Bitcoin follows equities lower
US stocks were dealt another blow after FedEx warned that the economy was about to enter a ‘worldwide recession.’ Wall Street was already nervous that the Fed’s inflation fighting mission was going to trigger a recession, but now it seems corporate America is already showing signs that the economy is slowing. FedEx FedEx shares plunged the most in forty years after they had withdrawn their guidance.  A weakening economy and rising competition from Amazon complicate how FedEx will perform this
16-09-2022 14:46 GMT by Edward Moya
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New Zealand dollar extends losses
The New Zealand dollar remains under pressure, as NZD/USD is having a dreadful week, down 2.47%. In the North American session, NZD/USD is trading at 0.5950, down 0.27%. NZ Manufacturing PMI surprises to the upside It has been a solid week for New Zealand data, but that hasn't helped the New Zealand dollar, which has fallen to its lowest level since May 2020.
16-09-2022 09:28 GMT by Kenneth Fisher
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Japanese yen - calm before the storm?
After some mid-week volatility, USD/JPY has settled down. In the European session, the yen is trading quietly at 143.59. Markets eye BoJ meeting For anyone following the Japanese yen, next week promises to be interesting, at the very least.
16-09-2022 03:13 GMT by Kenneth Fisher
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