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Flight to safety boosts US dollar The US dollar caught another flight-to-safety boost overnight, running rampant over DM currencies with the euro, sterling, yen, and Australian dollar coming in for particular attention. In Asia today, EUR/USD continues to flirt with parity, while the US dollar has strengthened broadly across the Asia FX space. The dollar index soared 1.23% higher to 108.21 overnight, gaining another 0.16% to 108.38 in Asia as the euro and sterling losses continued.

12-07-2022 04:43 GMT by Jeffrey Halley

Oil trades sideways, gold dips lower

Oil trades sideways overnight Oil prices had another choppy session overnight but ultimately traded sideways, booking just modest losses. Markets remain torn between recession fears in the US, Europe, and China torpedoing growth and thus, oil consumption, and the still very tight supply/demand reality of the physical market.

12-07-2022 04:25 GMT by Jeffrey Halley

Asian equities are mostly lower

China lockdowns weigh on Asian markets Wall Street went back into recession mode overnight, with the growth-centric Nasdaq underperforming as tech heavyweights were sold off. The Nasdaq’s fall has translated directly into weakness with the correlated North Asia heavyweights, while the rest of Asia and Pacific has escaped mostly unscathed.

12-07-2022 04:12 GMT by Jeffrey Halley

Struggling for parity

Things sure are looking messy out there right now, especially in Forex Land where the euro is within a hair’s breadth of trading at parity with the US dollar this morning. Overnight, the single currency slumped by 1.45% to 1.0040 as Euro yields edged lower as markets fell over themselves to price in a European recession.

12-07-2022 04:02 GMT by Jeffrey Halley

Oil slips, Gold tumbles, bitcoin struggling

Oil pares losses Oil prices are slipping again on Monday, although it has recovered the bulk of the losses from earlier in the day. Recession fears are increasingly driving these markets and that's one reality that could limit the rise in oil prices over the medium term. The prospect of further Covid restrictions in China is a near-term headwind for crude prices, also, which could see them trade closer to $100 a barrel as we saw earlier this year. Joe Biden's trip to Saudi Arabia this weekend

11-07-2022 19:00 GMT by Craig Erlam

Another bear-market rally comes and goes

Risk appetite wanes once more We're back in risk aversion mode at the start of the week with equities sliding, tech getting crushed and the dollar reigning supreme. While the jobs report on Friday highlighted that the US is faring better than the rest in the race to avoid a recession, the rest of the world is sinking under the weight of a cost-of-living crisis and higher interest rates. Another bear-market rally has come and gone and we now head into earnings season and another week of major

11-07-2022 18:53 GMT by Craig Erlam

Wall Street focused on inflation and earnings, stock investors brace for bad updates, crypto pessimism

US stocks are in for a rough start to the trading week as Wall Street braces for a wrath of downgraded corporate outlooks alongside what will likely be another hot inflation report. Inflation is ‘public enemy number one’ and that will continue to drive fears that the Fed will aggressively tighten policy and send the US economy quickly into a recession. This is a massive week on Wall Street as Fed expectations for the July 27th policy decision will be cemented after this inflation report and

11-07-2022 13:41 GMT by Edward Moya

Oil hit with a one-two punch, gold lower on strong dollar

Oil Oil prices are weakening as crude demand outlook is hit by a one-two punch from China’s rising COVID cases and Wall Street jitters that inflation is hitting the US economy much harder than analysts were expecting. Oil will struggle to hold the USD 100 level if China’s Covid situation deteriorates much further.

11-07-2022 13:36 GMT by Edward Moya

Euro above parity by a thread

It is looking like July 2022 could be a memorable month for the euro, but unfortunately not for the right reasons. EUR/USD is within a whisker of dropping below parity with the US dollar for the first time since 2002, when the euro was just three years old.

11-07-2022 10:37 GMT by Kenneth Fisher

Japanese yen plunges on NFP, Japan elections

USD/JPY has started the week with sharp gains and is trading at 137.60, up 1.12%. The US dollar has gained ground against all of the majors on Monday, courtesy of the strong June non-farm payroll report on Friday. The markets were expecting a slowdown from the gain of 336 thousand in May.

11-07-2022 09:39 GMT by Kenneth Fisher

NZ dollar slides, RBNZ in spotlight

The New Zealand dollar is seeing red on Monday, as the US dollar has started the week with gains against the major currencies after a solid non-farm payrolls release on Friday. In the European session, NZD/USD is trading at 0.6142, down 0.76%. RBNZ expected to deliver 50bp hike The Reserve Bank of New Zealand will be in the spotlight this week.

11-07-2022 07:31 GMT by Kenneth Fisher

Australian dollar slides below 68 line

The Australian dollar has started the week in negative territory, after a brief rally late last week. In the European session, AUD/USD is trading at 0.6796, down 0.82%. Can Australia avoid a recession? The RBA is playing catch-up with the inflation curve, but the central bank can't be faulted for being aggressive.

11-07-2022 05:42 GMT by Kenneth Fisher

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

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

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

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

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

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

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

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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