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We're only a few hours into trading on Monday and already it's been action-packed across the board, setting us up for another blockbuster week. We'll start with equity markets which are in freefall as the reality of high inflation, even faster monetary tightening and a cost-of-living crisis really kick in. Investors spent the last couple of weeks of May asking themselves whether the worst is priced in and they very much now have their answer. We all sensed the change in tone from ECB President L

13-06-2022 11:20 GMT by Craig Erlam

Oil edges lower, gold sinks

Oil pares gains amid Covid restrictions and economic fears Oil prices are a little lower again on Monday after a remarkable run over the last month that saw crude rally more than 20%. While many factors remain bullish as a result of the extreme tightness in the market, there are two things that have constantly been a potential downside risk and we're seeing both flaring up. Covid cases in China mean more restrictions and lockdown risk, while global economic fears are now mounting and we're now n

13-06-2022 11:14 GMT by Craig Erlam

Pound closing in on 2-year low

The British pound is down sharply at the start of the week, as US inflation and weak UK numbers are weighing on the pound. In the European session, GBP/USD is trading at 1.2174 down 1.16% on the day.

13-06-2022 07:40 GMT by Kenneth Fisher

Oil dips after US inflation, gold rises

Recession fears push oil lower Oil prices edged lower on Friday as US inflation eroded hopes of a Fed-derived soft landing. The falls were modest though, highlighting that despite economic slowdown nerves, the supply/demand situation remains as stagflationary tight as ever.

13-06-2022 06:08 GMT by Jeffrey Halley

Haven buying lifts the US dollar

Inflation boosts US dollar The US inflation data spurred a sharp rise in US yields across the curve, a selloff by equities, and in turn, a haven-derived rush into US dollar. The dollar index tore through resistance at 104.00 on its way to a 0.85% gain to 104.18 on Friday, rising another 0.26% to 104.46 in Asia.

13-06-2022 05:54 GMT by Jeffrey Halley

Equity sell-off continues in Asia

Asia equities slide on higher US inflation On Friday, the higher-than-expected US inflation data dissolved hopes of a less aggressive FOMC, prompting a mass sell-off of equity markets in the US and Europe. The S&P 500 slumped by 2.91%, the Nasdaq tumbled by 3.52%, and the Dow Jones fell by 2.73%.

13-06-2022 05:22 GMT by Jeffrey Halley

Black Monday

A market perpetually looking for reasons to temper Federal Reserve hiking expectations (so they can buy equities), had those quashed on Friday. US headline inflation accelerated to 8.60% YoY from 8.30% previously, with core inflation holding at 6.0%, slightly lower than April’s 6.2%.

13-06-2022 05:05 GMT by Jeffrey Halley

Market Insights Podcast (Episode 340)

Jonny Hart speaks to APAC Senior Market Analyst Jeffrey Halley about news impacting the market and the week ahead. It has been a Bonfire of Vanities in Asia today as equities tumble and the crypto meltdown continues. We start the podcast off with a recap of Friday's torrid session post the US inflation data.

13-06-2022 02:45 GMT by Jeffrey Halley

Market Insights Podcast (Episode 339)

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 discuss a very hot inflation report and the reaction across Wall Street, the ECB policy decision and the recent wave of regulation and investigation hitting the crypto markets. They also discuss what the week ahead has in store for financial markets.

10-06-2022 16:22 GMT by Edward Moya

Week Ahead - Rate hikes keep coming

It's been a slow start to the month in financial markets but the ECB rate decision on Thursday finally got things moving and the US inflation data on Friday kept it going into the weekend. With so much to look forward to next week, it's going to get really interesting. The Fed rate decision on Wednesday is naturally the highlight, as traders look for further indications of the level of tightening that's going to be required and whether it will ultimately tip the econom

10-06-2022 12:26 GMT by Craig Erlam

Commodities and Cryptos: Oil a tad lower, Gold pares losses, Bitcoin crash risk

Oil Crude prices are holding up despite new COVID lockdowns in China and after both a hot inflation report and abysmal consumer sentiment survey suggests the US consumer is weakening. Oil was boosted earlier after the Saudis delivered less crude than what was asked for by the Chinese. The oil market is still very tight and the eventual weaker US consumer won’t really take effect until closer to the end of the year. Despite a sharply strong dollar, WTI crude is only down a tenth of a percentag

10-06-2022 10:50 GMT by Edward Moya

Mid-Market Update: Inflation not ready to peak, Record low for Consumer Sentiment

US stocks tumbled after a hot inflation report removed any chance for the Fed to pause tightening in September. Inflation hit a fresh 40-year high at 8.6%, much hotter than the highest estimate, and probably still not the peak. CPI readings are skyrocketing and unfortunately that may continue for another report or two as shelter, gasoline, and food prices are the biggest drivers. This was a very bad inflation report for both the White House and Fed. The White House will watch how democrats far

10-06-2022 10:42 GMT by Edward Moya

Oil well supported, gold dips

Hard to make a bearish case for oil Oil prices are continuing to rise at the end of the week, as extreme tightness in the market was compounded by the US driving season, Norwegian oil strikes this weekend and a near-fatal blow to the Iranian nuclear deal. The gains could have been more significant if not for a setback in the reopening of Shanghai as fresh restrictions and mass testing were undertaken. It's hard to make a bearish case for oil prices at the minute and OPEC+ has shown itself incapa

10-06-2022 09:35 GMT by Craig Erlam

Risk aversion sweeps across Europe

We're seeing no shortage of risk-aversion in European markets at the end of the week while US futures are treading water after the hotly-anticipated inflation data. European stocks are suffering an ECB hangover as a hawkish Christine Lagarde warned about the danger of inflation and the need to act straight away. Well, almost straight away.

10-06-2022 09:25 GMT by Craig Erlam

Pound extends losses, US inflation looms

The British pound remains under pressure. GBP/USD is in negative territory today, following back-to-back losing sessions.

10-06-2022 07:34 GMT by Kenneth Fisher

Markets eye Canadian job report, US inflation

The Canadian dollar has extended its losses today. USD/CAD is trading at 1.2743, up 0.35% on the day. Thursday saw the US dollar gives its Canadian cousin a spanking, as USD/CAD jumped 1.13%, its highest daily gain this year.

10-06-2022 06:40 GMT by Kenneth Fisher

Yen claws back, US inflation next

The Japanese yen has reversed directions and is in positive territory. In the European session, USD/JPY is trading at 133.86, down 0.38% on the day. Despite today's gains, the yen remains under strong pressure.

10-06-2022 05:10 GMT by Kenneth Fisher

Oil dips on China concerns, gold range-bound

Oil eases in Asia on China fears Oil prices consolidated their recent gains overnight, with Brent crude edging 0.70% lower to USD 122.85, and WTI easing by 0.80% to USD 121.45 a barrel. Oil has continued retreating in Asia, driven by China slowdown fears after widened Covid mass testing was announced for Shanghai this weekend.

10-06-2022 03:47 GMT by Jeffrey Halley

US dollar strengthens overnight

Inflation jitters boost US dollar Pre-US inflation nerves triggered a wave of risk aversion in equity markets overnight, which translated into haven inflows to the US dollar, which booked gains in the DM and EM space. The dollar index leapt 0.74% higher to 1.0330 overnight, although the rally’s scope was flattered by the euro sell-off, the index's largest component.

10-06-2022 03:40 GMT by Jeffrey Halley

Shanghai nerves weigh on Asian equities

Asia markets follow Wall Street lower US markets couldn’t shake off the inflation/recession hoodoo last night after European markets endured a torrid session as the ECB swung to a hawkish stance. The S&P 500 slumped by 2.38%, the Nasdaq tumbled by 2.75%, and the Dow Jones lost 1.95%.

10-06-2022 03:30 GMT by Jeffrey Halley

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