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OANDA Senior Market Analyst Craig Erlam reviews the latest market news with Jonny Hart. They discuss the US jobs report, BoE decision and forecasts, and the week ahead.

05-08-2022 12:37 GMT by Craig Erlam

Week Ahead - Fear returns ahead of inflation data

Can the Fed afford to ease off the brake? The end of last week was a bit of a reality check for investors that were maybe getting a little carried away with the supposed "dovish pivot" from the Fed and turning a blind eye to the data and what central bank policymakers were saying. Perhaps the experience of the last 12 months can explain the latter but there's no ignoring the data that we saw on Friday. The US economy is certainly not behaving like it's in a recession; rather the labour mar

05-08-2022 12:10 GMT by Craig Erlam

GBP/USD slides as Nonfarm Payrolls surges

The British pound is falling sharply in the North American session, after a massively strong US nonfarm payment release. GBP/USD is trading at 1.2040, down 0.98% on the day. US Nonfarm Payrolls smashes higher It wasn't so long ago that US nonfarm payrolls was one of the most anticipated events on the economic calendar and often had a significant impact on the movement of the US dollar.

05-08-2022 08:50 GMT by Kenneth Fisher

Oil dips under USD 90, gold awaits NFP

Oil slips below USD 90 as recession fears mount Oil prices are marginally higher on Friday after spending most of the week on the decline. It hasn't been the most bullish week of headlines for crude, whether that be all of the recession chat (most notably from the UK), the new OPEC+ deal or the EIA inventory build.

05-08-2022 07:06 GMT by Craig Erlam

The Goldilocks report

There's no such thing as a quiet week in the markets these days and this week has undoubtedly been no different. The jobs report was always expected to be the highlight but the Bank of England gave it a good run for its money on Thursday, hiking by the most in 27 years while putting out some pretty dire economic forecasts. It would appear we have very little to look forward to for the next couple of years here in the UK. While I believe other central banks are slowly gravitating toward the econo

05-08-2022 07:01 GMT by Craig Erlam

Oil slides, gold rally continues

Oil prices slump overnight Although OPEC+ was a damp squib, rising recession fears saw oil prices slump once again overnight after a negative global outlook from the Bank of England policy meeting. Both Brent crude and WTI have now comprehensively broken lower through their 200 DMA’s, a negative technical development.

05-08-2022 04:24 GMT by Jeffrey Halley

Pelosi relief rally in Asia

Asian markets rise as Pelosi crisis eases The further from Asia Nancy Pelosi goes, the more supportive of local equities it becomes, it seems, as Asian markets draw a collective sigh of relief and climb into the green today. China’s military exercises around Taiwan seem to be getting the “one and done” treatment.

05-08-2022 04:06 GMT by Jeffrey Halley

Jeff is leaving the building

The day is finally here and today is my last markets note for OANDA. Like Elvis, I will be leaving the building, and it seemed appropriate that today’s title image is of me in my Elvis Presly jumpsuit.

05-08-2022 03:49 GMT by Jeffrey Halley

GBP/USD - UK heading for recession

OANDA Senior Market Analyst Craig Erlam discusses the moves in GBPUSD in the aftermath of the Bank of England's recession warning.

04-08-2022 14:17 GMT by Craig Erlam

Aussie edges higher, RBA statement next

The Australian dollar is slightly higher today. AUD/USD is trading at 0.6936, up 0.22% on the day. The RBA will be in focus for the second time this week, with the release of the RBA Monetary Statement on Friday.

04-08-2022 11:55 GMT by Kenneth Fisher

WTI breaks below USD 90, gold shining brightly

Oil The oil market is a mixed bag as demand destruction is met with limited spare capacity. Ongoing weakness should be unlikely since the oil market remains tight, but the break of the key technical USD 90 level could unleash some momentum selling.

04-08-2022 11:11 GMT by Edward Moya

Stocks trade mix, BOE fearful of long recession, continuing claims rise, bitcoin stuck

Stocks continue to ignore the deepest yield curve inversion since the early 2000s. The S&P 500 index has rebounded over 13% from the June lows as many on Wall Street anticipate that the Fed will stop quantitative tightening next year and begin cutting interest rates. If the next couple of inflation and nonfarm payroll reports support the Fed pivot argument, we might stop hearing these bear market calls. Equities might struggle to keep the rally going as investors continue to see economic

04-08-2022 11:06 GMT by Edward Moya

Euro drifting continues

The euro is showing little movement for a second straight day. In the North American session, EUR/USD is trading at 1.0187, up 0.14% on the day. With a light economic calendar today in both the US and Europe, the euro is likely to continue to have a quiet day.

04-08-2022 09:55 GMT by Kenneth Fisher

Yen edges lower ahead of household spending

USD/JPY continues to gain ground and has pushed across the 134 line. In the European session, the pair is trading at 134.12, up 0.20%. The week started off nicely for the Japanese yen, which took advantage of broad weakness in the US dollar.

04-08-2022 07:10 GMT by Kenneth Fisher

BoE decision eyed as Fed cools reversal speculation

We're seeing a little more positivity in the markets after another lively week and there's still plenty to come as we get closer to the weekend. Fed officials have been out in force again; this time with a focus on market expectations of a swift reversal from rate hikes to cuts early next year. Both Mary Daly and Neel Kashkari were very clear that it's unreasonable to expect such a policy u-turn given the inflation environment, with Kashkari even saying he's not sure what markets are looking at

04-08-2022 05:39 GMT by Craig Erlam

Oil dips on inventories, gold edges upwards

Can oil break USD 90? Oil prices are a little lower again today after tumbling a day earlier on the back of a surprise surge in inventories. The 4.5 million barrel increase in stocks caught the market off guard, with forecasts pointing to a small decline.

04-08-2022 05:35 GMT by Craig Erlam

All eyes on Bank of England

The British pound has posted slight gains ahead of today's key Bank of England meeting. In the European session, GBP/USD is trading at 1.2167, up 0.17% on the day. BoE expected to deliver 50bp salvo The BoE will be in the spotlight, with the markets pricing a supersize 50bp rate hike at 90%.

04-08-2022 05:12 GMT by Kenneth Fisher

Market Insights Podcast (Episode 360)

Jonny Hart discusses what is driving markets today with OANDA Senior Market Analyst Ed Moya in New York. This week they talk about the impact of House Speaker Pelosi's trip to Taiwan, Fed speak, the OPEC+ meeting and EIA crude oil inventory report, and MicroStrategy. They also discuss what to expect from the BOE rate decision and nonfarm payroll report.

03-08-2022 20:15 GMT by Edward Moya

Oil lower post OPEC+ and EIA report, gold rally stalls

Oil slides after OPEC+ meeting Crude prices tumbled after energy traders saw both the smallest increase in OPEC+ history and as gasoline demand plunged in the US. It looks like OPEC+ is resisting calls to boost output because the crude demand outlook continues to get slashed. The world is battling the ongoing global energy crisis and it won’t be getting any help from OPEC+. The weekly EIA crude oil inventory was very bearish. A headline build of 4.46 million bpd and plunging gasoline dem

03-08-2022 14:09 GMT by Edward Moya

Stocks bolstered by earnings and data, ISM impresses, Meme stock mania on steroids, Bitcoin nears top of range

US stocks rallied after a steady dose of impressive earnings and economic data. The economy doesn't look bad at all after strong earnings from Moderna, Gilead Science, CVS, Electronic Arts, Starbucks, and SoFi. The economic data broadly came in higher than expected as the service part of the economy seems to be stabilizing and price pressures are improving.

03-08-2022 14:02 GMT by Edward Moya

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