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OANDA Senior Market Analyst Craig Erlam reviews the latest market news with Jonny Hart. They discuss the ECB Forum on Central Banking, OPEC+ and the rest of the week.

29-06-2022 18:30 GMT by Craig Erlam

Oil reverses gains, gold steady, bitcoin nervy

Oil reverses gains after inventory data The rally in oil looked set to extend to the fourth day, as supply concerns outweigh recession fears ahead of the OPEC+ meeting tomorrow. The OPEC meeting today ended without any decisions being made amid speculation around Saudi Arabia and UAE's spare capacity. I'm not sure it makes an enormous difference as neither were likely to save the day anyway or they would have already.

29-06-2022 18:12 GMT by Craig Erlam

Attention turns to inflation data

Another disappointing day for stock markets with US indices ending the day flat after Europe posted decent losses. There was always going to be some nervousness heading into today, with Fed Chair Jerome Powell, ECB President Christine Lagarde and BoE Governor Andrew Bailey all appearing on a panel at the ECB Forum. Under normal circumstances, there would be potential for that to put investors a bit on edge so you can imagine what today had the potential to do. Which probably explains the very co

29-06-2022 17:58 GMT by Craig Erlam

Oil market stays tight, gold ready to shine

Oil Crude prices rallied as the oil market looks like it will remain very tight after indirect nuclear deal talks between the US and Iran ended without result. The supply outlook for crude is looking vulnerable and could see some disruptions lead to much higher oil prices. Ecuador’s oil production is declining rapidly, down 1.8 million barrels during the 15 days of protest. Libya is suspending oil exports from the Es Sider port. Unless the EIA crude oil inventory report posts a surprisingl

29-06-2022 09:34 GMT by Edward Moya

Wall Street digests mixed retail earnings, Mester remains very hawkish, a crypto fund ordered to liquidate

US stocks softened after key earnings from retailers provided limited optimism for the rest of the year and as rising long-term inflation expectations could tilt the Fed into sending the economy into a recession. Record inflation for Spain caught everyone’s attention, as traders shrugged off the temporary improvement with pricing pressures from Germany, which are only coming down from the highest levels in nearly a century. No one wants to buy the dip anymore after seeing a few stock market re

29-06-2022 09:30 GMT by Edward Moya

Lagarde talks tough, Powell next at ECB

The euro remains under pressure and briefly fell below the symbolic 1.0500 level in the Asian session before recovering. Lagarde says ECB ready to act if needed The ECB forum in Sintra, Portugal this week is a chance for the heads of central banks to hobnob and provide encouragement in these challenging times. ECB President Lagarde, Federal Reserve Chair Powell and BoE Governor Bailey are all in attendance.

29-06-2022 06:34 GMT by Kenneth Fisher

BOJ reaffirms policy, yen at 136

Kuroda pledges to maintain easy policy The Japanese yen is one of those currencies that keeps investors on its toes, and it has certainly lived up to its billing in recent weeks. USD/JPY has shot up 5.79% in the month of June and is back above the 136.00 line.

29-06-2022 04:05 GMT by Kenneth Fisher

Oil marches higher, gold yawns

Oil’s rally continues Oil’s march higher continued unhindered overnight, with Brent and WTI posting another set of impressive gains. A surprise drop by US API Crude Inventories by 3.8 million barrels helped the bullish momentum, with markets ignoring the rise in refined product stocks.

29-06-2022 03:24 GMT by Jeffrey Halley

US dollar stages impressive rally

US dollar rises as equities lose appeal The US dollar rallied overnight, with the dollar index unwinding much of the last week's retreat in just one session. A slump by US equities sparked a rush to safety in the greenback, even as US yields were almost unchanged.

29-06-2022 03:17 GMT by Jeffrey Halley

Asian markets steady despite Wall Street decline

Asian equities resilient after Wall Street retreat Wall Street retreated sharply overnight as the FOMO gnomes decided that weak consumer confidence numbers and forward expectation sub-indices were perhaps not good for stock prices after all. The S&P 500 fell by 2.01%, the Nasdaq slumped by 2.98%, while the Dow Jones slipped by 1.58%.

29-06-2022 03:12 GMT by Jeffrey Halley

Dumb and dumber

Readers should probably stop watching US stock markets for economic wisdom, as the price action overnight confirmed that part of the financial world has as little future insight as anywhere else. Last week, US equity markets rallied on the back of the arcane logic that a US recession would mean a lower terminal Fed funds rates and thus, was bullish for stocks, especially bombed-out tech stocks.

29-06-2022 02:59 GMT by Jeffrey Halley

Oil higher, gold slips, bitcoin vulnerable

Oil rallies as OPEC+ fall further short of targets The easing of China's zero-Covid policy helped oil to the third day of gains following a decent correction in recent weeks. As did reports that the UAE and Saudi Arabia are producing near capacity, in stark contrast to claims that both are holding back and could do more.

28-06-2022 16:46 GMT by Craig Erlam

Stocks turn negative on Wall Street

Pessimism returns European stocks continued their recovery on Tuesday, although that momentum was lost heading into the close as they gave back a portion of their gains. The US, meanwhile, is seeing large losses on the back of a couple of days of yields rising and some disappointing economic data.

28-06-2022 16:42 GMT by Craig Erlam

Stocks rally as China eases COVID rules and as banks raise dividends, bitcoin stuck in the mud

US stocks are rallying after several banks boosted their dividends and China pivoted away from its strict COVID policy. Wall Street seems to be close to figuring out how high central banks may take rates over in the short-term and that is supportive for long-term investors to scale into positions.

28-06-2022 08:15 GMT by Edward Moya

Swiss franc continues to rise

June rollercoaster ride for Swissie It has been a tale of two Junes for the Swiss franc. USD/CHF rose about 400 points in the first half of the month and breached above the parity line.

28-06-2022 08:09 GMT by Kenneth Fisher

Aussie rises ahead of retail sales

The Australian dollar is in positive territory on Tuesday. AUD/USD is trading at 0.6944 in European trade, up 0.28% on the day. Retail sales expected to soften Australia releases retail sales for May on Wednesday.

28-06-2022 06:26 GMT by Kenneth Fisher

Yen ticks higher after BoJ inflation

Inflation is slowly moving higher The phrase "surging inflation" is in the financial press on a daily basis, as the major economies grapple with what has become public enemy number one. Japan, however, does not come to mind as a country dealing with high inflation, and indeed inflationary pressures there are much more modest than what we're seeing elsewhere.

28-06-2022 05:08 GMT by Kenneth Fisher

Oil gains ground, gold fades

Oil prices rally on supply concerns Oil prices rallied once again overnight as a Reuters story over Saudi Arabia and UAE capacity constraints, as well as disruption of supplies from Libya and Ecuador overrode US recession concerns. Another lesson is that markets ignore crude futures backwardation at their peril when trying to pick a top in oil prices.

28-06-2022 03:43 GMT by Jeffrey Halley

US dollar mixed

US dollar shows muted reaction to US releases A rise in US yields overnight boosted the USD/JPY slightly, but elsewhere, the greenback continued its modest retreat versus the G-20 space as currency markets showed very little reaction to the US data. The dollar index eased 0.17% lower to 103.95, where it remains in Asia.

28-06-2022 03:35 GMT by Jeffrey Halley

Asian equities ease with Wall Street

Asian markets edge lower A surprisingly robust US Durable Goods number prompted a few doubts around the lower terminal Fed Funds rate so buy equities strategy overnight. The soft US pending home sales and Dallas Fed manufacturing data may also have sparked recession isn’t good for equities thoughts.

28-06-2022 03:30 GMT by Jeffrey Halley

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