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Week Ahead - Summer Remains Volatile
A strong nonfarm payroll report has paved the way for the Fed to deliver another 75 basis-point rate hike at the June 27th policy meeting. An overheating economy and hot inflation will keep the Fed focused on aggressively fighting inflation.  Recession fears eased after the June payrolls impressed and wage growth remained strong.
08-07-2022 15:57 GMT by Edward Moya
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Market Insights Podcast (Episode 350)
Jonny Hart looks back on the week's business and markets news with OANDA Senior Market Analyst Ed Moya in New York.  This week they talk about Shinzo Abe's legacy, Boris Johnson's forced resignation, a very strong nonfarm payroll report, and Bitcoin's big rebound.  They also discuss what the week ahead has in store for financial markets.
08-07-2022 14:48 GMT by Edward Moya
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NFP React: What Recession!, Abe’s legacy, Twitter, GameStop, Oil rises post NFP, Gold remains vulnerable, Bitcoin likes July
The economy is clearly not slowing as fast as many were thinking as the labor market remains robust. The US economy added 372,000 jobs in June, much better expectations and paving the way for the Fed to focus solely on inflation at the end of month policy meeting.  The unemployment rate remained steady at 3.6% and wages gains continued. This strong jobs report means that the Fed should still be good to go with a 75 basis-point July rate hike.  US stocks initially came under pressure as markets
08-07-2022 13:19 GMT by Edward Moya
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CAD dips on weak Canadian job data
USD/CAD is back above the 1.3000 line on Friday, after weak Canadian job numbers and a strong US nonfarm payroll report. US nonfarm payrolls outperforms The week is wrapping up on a busy note, as Canada and the US both released employment reports for June. Canada's numbers were a disappointment.
08-07-2022 09:02 GMT by Kenneth Fisher
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Euro breaks below 1.01 - is parity next?
Euro nearing parity with dollar It continues to be a miserable July for EUR/USD, which has declined 3.12%. The euro continues to deliver fresh 20-year lows, dropping to 1.0071 late in the Asian session.
08-07-2022 08:38 GMT by Kenneth Fisher
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Oil bounces back, gold trading sideways
Oil rallies sharply overnight Oil had another hugely volatile session overnight, with Brent crude and WTI rallying by over 4.0%, reversing the losses of Wednesday. That came despite a huge increase by US official Crude Inventories by 8.235 million barrels.
08-07-2022 04:11 GMT by Jeffrey Halley
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US dollar consolidates overnight
US dollar holds onto gains The US dollar consolidated its gains overnight, ranging against DM and Asian currencies. The dollar index was almost unchanged at 107.09, where it remains in Asia.
08-07-2022 04:02 GMT by Jeffrey Halley
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Asian stocks follow Wall Street higher
Asian markets edge higher ahead of NFP release Wall Street shrugged off some hawkish rhetoric from the FOMC members’ rent-a-crowd overnight, myopically sticking to a recession equals lower rates equals buy stocks mantra. With nothing else to shake that tree, I can’t blame them for their enthusiasm.
08-07-2022 03:52 GMT by Jeffrey Halley
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Tragedy in Japan
To start we have some breaking news from Japan, where it appears that former Japanese Prime Minister Shinzo Abe has been shot while making a speech in the city of Nara. Mr Abe is being rushed to hospital as I write, apparently.
08-07-2022 03:40 GMT by Jeffrey Halley
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Yen drifting ahead of household spending
The Japanese yen has been drifting for most of the week and is almost unchanged today, trading just shy of the 136.00 level. Japan releases household spending on Friday. After a decline of 1.7% YoY in April, the key consumer indicator is forecast to bounce back in May with a gain of 2.1%.
07-07-2022 12:05 GMT by Kenneth Fisher
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Oil takes a tumble, gold in trouble
Asia buys oil after another overnight slump Oil had another hugely volatile session overnight as hawkish FOMC minutes and recession fears prompted more long liquidation and attracted algo-driven momentum sellers. Brent crude tumbled by 4.80% to USD 99.75 a barrel in another mind-boggling session.
07-07-2022 05:22 GMT by Jeffrey Halley
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US dollar rally continues unabated
US dollar rises on hawkish FOMC minutes The US dollar continued its upward momentum overnight after hawkish FOMC Minutes lifted US bond yields higher across the curve. Recession nerves are also serving the greenback well as haven inflows continue to boost it.
07-07-2022 05:05 GMT by Jeffrey Halley
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Asian heavyweights rally on lower oil prices
Asian equity markets rise as crude falls The North Asian energy-importing heavyweights are booking impressive gains today as Brent crude slumped to around USD 100 a barrel overnight. In contrast, Wall Street had a restrained session as hawkish FOMC Minutes push US yields higher and tempered that genetically programmed urge to by the dip.
07-07-2022 04:51 GMT by Jeffrey Halley
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FOMC minutes reality check
FOMC to remain aggressive with rate policy US markets got little solace but more clarity from the FOMC Minutes overnight. It was clear from the minutes that the committee members remained highly focused on culling inflation, even if it was at the expense of a sharp economic slowdown.
07-07-2022 04:27 GMT by Jeffrey Halley
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Market Insights Podcast (Episode 349)
Recession watch   Senior Market Analyst Jeffrey Halley talks about news impacting the market and the week ahead.   In this week's episode, Jeffrey Halley is filling in for a holidaying Craig Erlam. Market volatility continues to percolate at boiling point as asset markets try to price in a recession, or not!
06-07-2022 11:36 GMT by Jeffrey Halley
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Euro slide continues
Euro tumbles below 1.02 The month of July has been an unmitigated disaster for the euro - with only three trading sessions in the books, EUR/USD has declined a staggering 2.73%. Earlier in the day, the euro dropped to 1.0186, its lowest level since December 2002.
06-07-2022 09:04 GMT by Kenneth Fisher
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Pound stabilizes after tumble
The British pound has edged lower today after a massive slide of 1.18% yesterday. GBP/USD is trading at 1.1944 in the European session, down 0.14% on the day.
06-07-2022 05:30 GMT by Kenneth Fisher
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