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Oil Crude prices initially edged higher as we get further reports that OPEC+ is seriously considering lowering production and after the latest round of US economic data and Fed speak suggests the economy is still in a good position to handle more rate increases. Oil will start to form a key trading range until Fed Chair Powell's speech at Jackson Hole.

25-08-2022 13:12 GMT by Edward Moya

Jackson Hole Eve, US data, Chinese ADRs rally, Bitcoin above $21k

'Twas the night before Jackson Hole, when all through the house not a creature was trading, not even a mouse Some stocks were rallying but with cautious care In hopes a dovish hint from Fed Powell would be there' US stocks are rising ahead of Fed Chair Powell’s Jackson hole speech as investor worries ease that the Fed will make a policy mistake with their battle with inflation. Everyone remembers Powell’s mistake about sticking to the inflation is transitory at last year’s Jackson Hole Symposium

25-08-2022 13:05 GMT by Edward Moya

EUR/USD near parity, Powell speech next

The euro has posted gains today and briefly punched above the symbolic parity line. In the North American session, EUR/USD is trading at 0.9978, up 0.11%. German business confidence dips It seems that whatever angle you examine Germany's economy, things are not looking good.

25-08-2022 11:19 GMT by Kenneth Fisher

Oil climbs above $100, gold finds support

Saudi Arabia successfully talks up oil Brent crude is back above $100 on Thursday, following the verbal intervention from Saudi Arabia this week. The suggestion that the price did not align with fundamentals and that OPEC+ could cut output has clearly had the desired effect.

25-08-2022 06:54 GMT by Craig Erlam

Focus on central banks

A slightly positive start to trading on Thursday as traders eye ECB minutes early afternoon and the start of the Jackson Hole Symposium. The minutes will likely provide further detail on the reasoning behind a more aggressive start to tightening than the central bank had communicated to the markets and perhaps provide further insight into what we can expect at the upcoming meeting as a result of that move. The issue with its decision was not that it was wrong to hike by so much - I'm sure most w

25-08-2022 06:52 GMT by Craig Erlam

NZ dollar soars on China stimulus plan

NZD/USD has climbed sharply today. In the European session, NZD/USD is trading at 0.6247, up 0.95% on the day. China announces stimulus The New Zealand dollar received a welcome boost from China, which announced a 19-point policy package to stimulate economic growth.

25-08-2022 05:59 GMT by Kenneth Fisher

Oil's outlook, gold steadies

Oil poised to rise Despite global recession fears, oil prices are poised to be supported as energy investments have been depressed. The tug-of-war between crude demand destruction and a plethora of drivers on why the oil market will remain tight should still suggest prices won’t fall much lower. Oil’s outlook still looks positive here as shale is not taking off, ESG constraints remain, and strong demand for refined product exports.

24-08-2022 14:05 GMT by Edward Moya

Waiting game ahead of Jackson Hole, King Dollar, bitcoin edges higher

US stocks are rising as Wall Street tries to end a three-day slide by buying up big-tech stocks. We are at an inflection point for the mega-cap trade as hedge funds position themselves for further weakness in bonds and a much weaker consumer as the economy slows. Today’s rebound is small and on light volume, which means most traders are playing the waiting game until Fed Chair Powell’s Jackson Hole Symposium speech. All eyes on Powell It is hard to be aggressive with any positioning u

24-08-2022 14:00 GMT by Edward Moya

Market Insights Podcast (Episode 368)

Jonny Hart discusses what is driving markets today with OANDA Senior Market Analyst Ed Moya in New York. This week they talk about the lead up to Jackson Hole, softening US economic data, oil markets, and cryptos.

24-08-2022 13:53 GMT by Edward Moya

NZ dollar slides below 62, retail sales next

The New Zealand dollar continues to show volatility this week. In the North American session, NZD/USD is trading at 0.6182, down 0.48%, erasing all of Tuesday's gains. New Zealand retail sales expected to rebound Later today, New Zealand releases retail sales for the second quarter.

24-08-2022 10:46 GMT by Kenneth Fisher

Oil moves higher, gold under pressure

Bearish case severely weakened by Saudi comments Oil prices are higher again this morning, supported once more by reports that OPEC+ could consider cutting output. While this may simply be a case of Saudi Arabia talking up the price, for now, the prospect of the group taking such action effectively removes two of the biggest downside risks for prices. An Iran nuclear deal was explicitly referenced so if any deal is announced in the coming weeks, it will be interesting to see what the impact on t

24-08-2022 08:48 GMT by Craig Erlam

On the fence

A relatively slow session so far in the middle of the week, with the focus very much still on the Fed and interest rates ahead of the Jackson Hole Symposium that kicks off tomorrow. It's interesting that the fear of what could be said is seemingly having a far greater impact on sentiment and the markets than what has actually been communicated in recent weeks. Investors have repeatedly turned a blind eye to Fed commentary since the last meeting which has enabled stock markets to recover a lot of

24-08-2022 08:43 GMT by Craig Erlam

Pound under pressure, US Durable Goods looms

The British pound has reversed directions today and is in negative territory. In the European session, GBP/USD is trading at 1.1778, down 0.44%. Weak US New Home Sales sends pound higher Tuesday was an interesting day for the pound.

24-08-2022 07:34 GMT by Kenneth Fisher

Oil jumps, gold lower as dollar rally halted

Oil higher on soft US data Crude prices are rallying as the dollar’s rally came to abrupt halt on growth concerns. A weakening US economy should be bad news for oil, but today’s soft economic readings suggest that OPEC+ will easily be able to justify production cuts soon. The oil market will remain tight whether business activity continues to weaken sharply or if economic growth remains choppy. Gold/USD Gold got its groove back after the dollar plunged after a round of ugly US economic data

23-08-2022 15:18 GMT by Edward Moya

Volatile session, US service PMIs plunge, housing keeps on cooling, bitcoin rises

US stocks edged lower after a wrath of weakening economic data and after Macy’s wasn’t that pessimistic about the consumer. Financial markets will remain in choppy waters until Fed Chair Powell’s Jackson Hole speech on Friday.

23-08-2022 15:16 GMT by Edward Moya

GBP/USD jumps on weak US housing data

The British pound has jumped 0.82% today, as the currency has rebounded somewhat from its worst week of the year. GBP/USD plunged 2.53% last week, as the US dollar has found its mojo after weeks of beating a retreat.

23-08-2022 10:14 GMT by Kenneth Fisher

Choppy trade

It's been a choppy day of trade, with much of Asia and Europe treading water while the US is expected to open marginally higher. It's clear that investors already have an eye on the Jackson Hole Symposium later in the week and we're perhaps seeing some apprehension and anxiety ahead of that. I'm not entirely sure where that has come from because they've been perfectly happy to bat away hawkish warnings in recent weeks and if anything, the data has turned slightly in their favour. It may simply b

23-08-2022 09:05 GMT by Craig Erlam

Oil moves higher, gold eyes Jackson Hole

Saudi Arabia has no appetite for lower oil prices Oil prices are rising again on Tuesday, building on the recovery at the start of the week following output warnings from Saudi Arabia. Considering what we've seen in oil markets this year, the repeated inability of producers to hit output targets and the record profits of oil companies, it's quite staggering that the largest member of the OPEC+ alliance is even considering cutting production to address the falling price. It begs the question; eve

23-08-2022 09:00 GMT by Craig Erlam

NZD drifting, US New Home Sales next

The New Zealand dollar is paddling in calm waters, as NZD/USD trades close to 1-month lows. In the European session, NZD/USD is trading at 0.6176, up 0.10%.

23-08-2022 07:11 GMT by Kenneth Fisher

Euro drops to new 20-year low

EUR/USD has stabilized after a rough start to the week. In the European session, EUR/USD is trading at 0.9931, down 0.10% on the day and its lowest level since November 2002. After weeks in retreat, the US dollar has rebounded and is showing broad strength.

23-08-2022 05:00 GMT by Kenneth Fisher

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