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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

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

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

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

Canadian dollar eyes job data in Canada, US

The Canadian dollar is back below the 1.3000 line today. USD/CAD is trading at 1.2987 in the North American session, down 0.37%.

07-07-2022 10:24 GMT by Kenneth Fisher

Pound rises despite Boris turmoil

The British pound is in positive territory today. GBP/USD is trading at 1.1977, up 0.46%.

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

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

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

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

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

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

NZ dollar extends losses ahead of RBNZ report

The New Zealand dollar continues to lose ground on Wednesday and is trading at 0.6139, down 0.49%. NZD/USD touched a low of 0.6124 on Tuesday, its lowest level since May 2020.

06-07-2022 10:53 GMT by Kenneth Fisher

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

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

Oil tumbles on recession nerves, gold slides

Oil plummets overnight on recession fears Recession fears saw oil markets plummet overnight, with both Brent crude and WTI taking out their 2022 rising support lines in no uncertain terms. Brent crude slumped by 7.90% to USD 104.75, having tested USD 101.00 a barrel intraday.

06-07-2022 04:38 GMT by Jeffrey Halley

US dollar soars on haven demand

US dollar broadly higher as risk sentiment fizzles The US dollar soared versus both developed and emerging market currencies overnight, as recession fears saw a spike in haven demand for US dollars. Quite a bit of that looks to have been recycled into US bond markets as well, adding to the recessionary downward pressure on yields.

06-07-2022 04:29 GMT by Jeffrey Halley

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