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Oil rallies, gold climbs as dollar sinks

Oil rises once again overnight Oil prices climbed once again overnight, boosted by a weaker US dollar and a large drawdown of crude and gasoline stocks in the overnight official US Crude Inventory data. The inventory data was a surprise, and in combination with tumbling Russian natural gas supplies to Europe, it seems the reality that the physical market is as tight as ever is boosting prices. Brent crude rose 2.45% overnight to USD 107.15 a barrel.

28-07-2022 04:48 GMT by Jeffrey Halley

FOMC sparks US dollar selloff

Dollar falls on Powell's rate remarks Jerome Powell’s remarks around rate hikes being driven by data sparked a sentiment rally overnight, as markets priced in peak inflation and interest rates. With equities rallying hard, the haven US dollar resumed its downward correction, being sold heavily versus the G-10 space.

28-07-2022 04:42 GMT by Jeffrey Halley

Asian equities rise post-FOMC

Asia markets show modest rise Fed Chair Powell's post-FOMC remarks saw Wall Street explode higher overnight, led by the Nasdaq. Asian markets are duly following suit, moving higher this morning, but not markedly so, and with nothing like the FOMO rally seen on Wall Street overnight.

28-07-2022 04:33 GMT by Jeffrey Halley

Powell sparks buy everything rally

You had the feeling that Wall Street, with perpetually itchy buy-button trigger fingers, was primed for this FOMC. As expected, the FOMC raised the Fed Funds target by 0.75%, to a target range of 2.25%-2.50%.

28-07-2022 04:24 GMT by Jeffrey Halley

Fed React: Inflation commitment remains/ likely appropriate to slow increases, Stocks rally, Oil higher post EIA data/Fed/Iran nuclear deal stalemate, Gold shines, Bitcoin enjoys risk rally

US stocks extended gains after the Fed signaled that it will likely be appropriate to slow rate increases at some point. Now that traders see light at the end of the Fed tightening tunnel, the Nasdaq is starting to look like the cleanest dirty shirt in what looks like a 2023 recession bound economy.

27-07-2022 15:08 GMT by Edward Moya

Euro stablizes after sharp slide

The euro has edged higher on Wednesday, after sliding over 1% yesterday. In the North American session, EUR/USD is trading at 1.0147, up 0.29% on the day. All eyes on Federal Reserve The markets are eagerly awaiting the FOMC decision later today.

27-07-2022 10:03 GMT by Kenneth Fisher

Oil trades around USD 100, gold edges higher

Oil hovers amid recession chat Oil prices are cautiously higher again on Wednesday, with Brent trading around USD 100 and WTI a little below. It's interesting that the recession narrative is having a significant impact on the crude price, even as the market remains extremely tight.

27-07-2022 08:09 GMT by Craig Erlam

Navigating an uncertain future

European stocks are modestly higher on Wednesday, while US futures are making slightly better gains on the back of tech earnings relief. We're in the midst of a critical 48-hour period for the markets and already there's so much to process. And that's before we even get to the Fed which is undoubtedly the headline event this week. Tech shares are expected to open strongly, with Microsoft and Alphabet both more than 3% higher in pre-market despite a rare miss on revenue and earnings.

27-07-2022 08:07 GMT by Craig Erlam

Aussie shrugs after inflation report

The Australian dollar has edged higher on Wednesday. AUD/USD is trading at 0.6950 in European trade. CPI rises, but less than expected Australia's inflation rate accelerated in the second quarter, but the market reaction was muted, as the 6.1% gain was a notch below the estimate of 6.2%.

27-07-2022 07:47 GMT by Kenneth Fisher

Oil in choppy waters, gold directionless

Oil trades in a choppy range Oil prices finished almost unchanged overnight, but that belied another large range intraday, with both contracts moving sharply higher before reversing. Russia’s moves on European natural gas continue to underpin prices, while global recession fears continue acting as a headwind. Brent crude finished almost unchanged at USD 104.60, easing slightly to USD 104.45 in muted Asian trading.

27-07-2022 04:58 GMT by Jeffrey Halley

US dollar eyes FOMC decision

Currency markets range-trade overnight It was another night of range trading for currency markets overnight, which seem reluctant to aggressively position until the FOMC is out of the way. One exception was the euro, which fell heavily on natural gas-derived recession fears.

27-07-2022 04:52 GMT by Jeffrey Halley

Asian equities ignore US futures reversal

Asia follows Wall Street's drop Wall Street fell during the main session overnight, as Walmart’s result and soft US confidence and housing data heightened recessionary fears and dampened sentiment. The S&P 500 finished 1.15% lower, the Nasdaq tumbled 1.87% lower, with the Dow Jones losing 0.74%.

27-07-2022 04:46 GMT by Jeffrey Halley

We're here, finally

Markets expecting 75bp hike After what seems like an interminable wait, we are finally at FOMC day, and the last one I shall be covering as the voice of reason in this missive. Markets have baked another 75 basis points into their loaves of bread, but it's going to be all about what the Fed and Jerome Powell say and not what they do.

27-07-2022 04:35 GMT by Jeffrey Halley

Oil stumbles on recession worries, gold awaits FOMC decision

Oil Mounting recession worries are currently trumping how tight the physical crude market remains. Crude prices tumbled after countless warnings from corporate America and after consumer confidence tumbled to the lowest levels since February 2021.

26-07-2022 15:02 GMT by Edward Moya

Stocks drop on soft data and string of cautious earnings outlooks, downbeat earnings, potential SEC probe on Coinbase sinks crypto

US stocks declined after a wrath of gloomy corporate outlooks made it seem like this current wave of growth concerns would send this economy quickly into a recession. Risk appetite is struggling here as European gas prices are skyrocketing, multinationals are complaining of a troubling macro environment, and consumer confidence plunges.

26-07-2022 14:58 GMT by Edward Moya

Oil punches above USD 100, gold slips

Recession the primary downside risk There's naturally a lot of focus on the energy market right now, with Gazprom reducing gas flows to Europe via Nord Stream 1 to only 20% from tomorrow. The news didn't come as a massive shock even if it did trigger a 10% spike in the price.

26-07-2022 13:03 GMT by Craig Erlam

Pessimism creeping back in

We're seeing a little more pessimism in the markets on Tuesday as conditions remain choppy ahead of this evening's tech earnings and the Fed tomorrow. It's impossible to ignore what's to come over the next couple of days and the warning from Walmart has just added to some of the anxiety that was already evident. This earnings season will be anything but straightforward and we should prepare for some disappointments even against the backdrop of low expectations. The Fed has an extremely t

26-07-2022 12:59 GMT by Craig Erlam

Euro slides on Nord Stream squeeze

The euro has taken a nasty tumble today. In the North American session, EUR/USD is trading at 1.0144, down 0.76%. Nord Stream 1 reduced to 20% capacity The energy crisis surrounding Nord Stream 1, a key channel for Russian gas exports to Europe continues to simmer.

26-07-2022 09:36 GMT by Kenneth Fisher

Australian CPI expected to rise

The Australian dollar has edged lower today. AUD/USD is trading at 0.6937, down 0.15% on the day. Markets brace for higher CPI Australia releases second-quarter CPI on Wednesday, with the markets expecting a sharp acceleration in inflation, which could wake up the sleepy Australian dollar.

26-07-2022 06:13 GMT by Kenneth Fisher

Walmart pushes Asia slightly lower

Asian equity markets are slightly softer after Walmart results US markets had a mixed session overnight, with the S&P 500 and Dow Jones booking small gains while the Nasdaq fell. Overall, the picture was of continued range-trading, and investors positioning themselves for the earnings run this week, as well as the FOMC.

26-07-2022 04:21 GMT by Jeffrey Halley

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