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Oil prices fall, gold higher as yields drop

Oil slips further amid recession talk Oil prices are heading lower for a third day, with WTI now closer to USD 90 a barrel than USD 100. Perhaps a surprising twist considering the remaining tightness in the market but also a further sign that investors are increasingly coming around to the idea of a recession in the not-too-distant future.

22-07-2022 08:51 GMT by Craig Erlam

Euro unable to hold onto ECB gains

The euro has reversed directions today and fallen below the 1.02 line. In the European session, EUR/USD is trading at 1.0188, down 0.42%. ECB surprises with 50bp hike The markets were glued to the ECB meeting on Thursday, uncertain as to whether the rate lift-off would be a 25bp or 50bp hike.

22-07-2022 08:31 GMT by Kenneth Fisher

Pound edges lower as retail sales fall

The British pound is in negative territory today and has fallen below the 1.2000 line. In the European session, GBP/USD is trading at 1.1956, down 0.23%. Retail sales slide in June A busy economic calendar in the UK has wrapped up, with a host of releases.

22-07-2022 05:48 GMT by Kenneth Fisher

Oil falls, gold vulnerable

Oil prices fall overnight Brent crude and WTI had another session of 5.0% intraday ranges overnight, closing quite a bit lower than their opening levels. Global recession fears and the resumption of Russian gas flows to Europe seem to have been the catalyst, although I am sure that trading volatility recently is reducing liquidity as well, exacerbating movers.

22-07-2022 04:19 GMT by Jeffrey Halley

The end of a messy week

ECB surprise, Nord Stream gas reopens Volatility was the winner overnight, with a multitude of data points and events leaving market price action messier than a teenager's bedroom. The European Central Bank surprised markets by lifting policy rates by 0.50%, ending over a decade of negative interest rates.

22-07-2022 03:48 GMT by Jeffrey Halley

EUR/GBP - Jumps as ECB exits negative rates

OANDA Senior Market Analyst Craig Erlam discusses EURGBP amid the ECB decision to hike more than expected at the beginning of its tightening cycle.

21-07-2022 16:07 GMT by Craig Erlam

Oil drops below USD 100, gold rallies

Oil back below USD 100 Brent and WTI are both trading back below USD 100, something people around the world will be delighted to see as they look on in astonishment when filling their cars. Whether that can be sustained, I'm not sure.

21-07-2022 11:48 GMT by Craig Erlam

A busy day for central banks

A plethora of central bank meetings and the scheduled maintenance completion of Nord Stream 1 have guaranteed another frantic session in financial markets on Thursday. Where do we begin on a day like today? The resumption of gas flows through Nord Stream 1 at levels seen before the maintenance work began has come as a huge relief to European countries unable to easily cope without it.

21-07-2022 11:44 GMT by Craig Erlam

Oil weaker on demand outlook, gold steadies

Oil Crude prices are tumbling as energy traders reassess the short-term demand outlook given the disappointing summer driving season and as the US economy starts to show further signs it is quickly weakening. This morning’s data did not do any favors for crude after jobless claims data hit an eight-month high and the Philly Fed index showed a massive slowdown. The oil market is starting to see more supplies from Libya and with the pace of weakening global economic data suggesting, we might not n

21-07-2022 11:27 GMT by Edward Moya

Stocks chop, ECB abandons negative rates, bitcoin says, “Et tu, Musk?”

Wall Street is struggling to find reasons to be optimistic as investors digest a wrath of mixed corporate earnings, Russia resumes Nord Stream 1 gas flows, and the ECB acts aggressively with its first rate hike in 11 years. The earnings standout was Tesla, which posted strong earnings and kept its production forecast.

21-07-2022 11:22 GMT by Edward Moya

Sterling unchanged ahead of retail sales

The British pound has been calm for most of the week and has edged lower on Thursday, trading at 1.1936 in the North American session. Markets brace for weak UK retail sales The UK economic calendar has been brimming all week, and Friday will be busy with retail sales and PMI reports. The markets are expecting retail sales to slow in June - headline retail sales is expected at -5.3% YoY, following the May reading of -4.7%, while the core reading is projected at -6.3% YoY, down from -5.7% in Ma

21-07-2022 11:08 GMT by Kenneth Fisher

Canadian dollar dips as inflation jumps

The Canadian dollar has edged lower today, as USD/CAD is trading at 1.2915, up 0.27%. The US dollar appears to have ended its recent downward correction, which saw the Canadian dollar gain about 250 points. Canada's inflation jumps above 8% The US dollar has been on a downward correction since Friday but has steadied today.

21-07-2022 08:58 GMT by Kenneth Fisher

Euro flat ahead of ECB rate move

The euro is unchanged today, as EUR/USD is trading at 1.0180 in the European session. Today's economic calendar is very light, but there are a slew of developments today which could have an impact on the movement of the euro. The ECB will commence its rate-tightening cycle, the Nord Stream 1 pipeline has been reactivated, and Italian Prime Minister Draghi has just tendered his resignation.

21-07-2022 06:01 GMT by Kenneth Fisher

Oil stable, gold loses ground

Oil prices are steady Brent crude and WTI were steady once again overnight, with US official crude inventory data having little impact on prices, although the rise in gasoline inventories by 3.5 million barrels may have capped prices intraday. European gas concerns look to be supporting the downside for now.

21-07-2022 04:08 GMT by Jeffrey Halley

US dollar rebounds overnight

US dollar bounces back The US dollar rebounded overnight as a multitude of risk factors in Europe saw the euro fall heavily, lifting the dollar index. The US dollar strength was not confined to just them, though, with the greenback booking decent gains versus both the DM and EM space.

21-07-2022 03:55 GMT by Jeffrey Halley

Asia mixed after Wall Street gains ground

ADB and China nerves cause a mixed picture with Asian equities today Wall Street’s rally continued overnight, boosted by the Netflix results apparently. In Asia, US futures are flirting with negative territory as Alphabet and Microsoft announce hiring assessments.

21-07-2022 03:45 GMT by Jeffrey Halley

6. A.M. Berlin

Thursday is shaping up to be a frisky day for financial markets, but probably nothing today will be more important than when the bell tolls 6. A.M.

21-07-2022 03:36 GMT by Jeffrey Halley

Netflix earnings spark a rally, Housing Market Cools, Bitcoin higher

No one expected Netflix to trigger a decent risk-on rally for the other mega-cap tech stocks, but that is exactly what is happening. Stocks are rising as Wall Street grows confident that corporate earnings might not fall off a cliff. Pessimism won’t be completely going away as two major risk events are in the next 24 hours; the ECB rate hiking decision and the Russian decision on how much gas to let flow through the Nord Stream 1 pipeline. Italian politics are dampening the mood too, as the go

20-07-2022 14:27 GMT by Edward Moya

Oil choppy, gold slides

Oil Crude prices pared losses after the EIA crude oil inventory report posted a surprise draw as exports came in impressively strong. So much to take from this mixed EIA oil inventory report. Gasoline demand was surprisingly much softer-than-expected, which helped send futures lower.

20-07-2022 14:22 GMT by Edward Moya

Oil dips, gold vulnerable

Oil pares gains We're seeing small losses in crude after a strong start to the week. That may reflect the reversal in risk appetite during the European session as the latest equity bear-market rally quickly runs on fumes.

20-07-2022 11:28 GMT by Craig Erlam

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