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GBP/USD is drifting today, with a very light economic calendar. There are no UK releases and the only important release out of the US was unemployment claims, which rose from 202 thousand to 229 thousand (210 exp.).

09-06-2022 11:27 GMT by Kenneth Fisher

New Zealand dollar drifting

NZD/USD has been on a downswing this week, falling close to 1%. The currency is almost unchanged today, ahead of the release of New Zealand Manufacturing Sales later today. US core CPI expected to fall One of this week's highlights is the US inflation report for May, which will be released on Friday.

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

Euro unchanged ahead of ECB meeting

It has been a quiet week for the euro, and that trend has continued today, as EUR/USD is unchanged at 1.0718. All eyes on ECB The ECB is poised to end its accommodative policy at today's meeting, but there is plenty of uncertainty and anticipation ahead of the announcement. The central bank has signalled that it plans to tighten policy but has been short on details.

09-06-2022 06:46 GMT by Kenneth Fisher

Oil rises on UAE warning, gold stuck

UAE Oil Minister lifts oil prices Oil prices shot higher overnight with the UAE oil minister warning that China’s reopening and the inability of OPEC+ members to pump at production targets posed more upside risks to oil prices. Tensions around Iran’s nuclear programme also diminished hopes of more Iranian crude on international markets.

09-06-2022 04:46 GMT by Jeffrey Halley

Currency markets continue to range trade

US dollar remains choppy US yields climbed higher overnight which was enough to lift the dollar index to a 0.20% gain to 102.55. It has given most of that back in Asia, falling to 102.40 thanks to a modest yen rally.

09-06-2022 04:33 GMT by Jeffrey Halley

China lockdowns send Asia lower

Shanghai restrictions weigh on Asian equities The moody range-trading that has typified US equity markets in June continued overnight as Wall Street decided that inflation was a concern, after all, sending equity markets lower. The S&P 500 fell by 1.08%, the Nasdaq finished 0.73% lower, while the Dow Jones lost 0.82%.

09-06-2022 04:12 GMT by Jeffrey Halley

And today’s theme is….

Inflation jitters send US yields, dollar higher Inflation. The chop-fest range trading beguiling currency, bond, and equities markets in the US this month continued overnight.

09-06-2022 03:57 GMT by Jeffrey Halley

GBP/USD - What next for Boris and the pound?

OANDA Senior Market Analyst Craig Erlam discusses the moves in GBPUSD in the aftermath of Boris Johnson's no-confidence vote.

08-06-2022 18:23 GMT by Craig Erlam

Market Insights Podcast (Episode 338)

OANDA Senior Market Analyst Craig Erlam reviews the latest market news with Jonny Hart. They discuss Boris Johnson surviving the no-confidence vote, fuel prices and preview the ECB meeting and US inflation data.

08-06-2022 17:49 GMT by Craig Erlam

Nothing slowing down oil's rally, gold rallies

Oil rallies on tight market Crude prices are rallying despite a small inventory build as energy traders see no end in sight as to how tight the oil market will remain. Oil has been on a tear and growing fears of economic weakness have yet to slow down the rally with prices. The EIA reported a build of 2 million barrels for the week to June 3rd, analysts expected a draw of 2.3 million barrels. Refiners are processing at levels not seen before the pandemic, which suggests the short-term cr

08-06-2022 14:32 GMT by Edward Moya

Stocks waver as traders fixate over inflation, bitcoin stuck around 30k

US stocks are wavering as surging oil prices and widespread inflation have many traders worried that the Fed may maintain its current tightening pace beyond the summer and that could trigger a much sooner economic growth deterioration. The US economy is not going to have an imminent economic slowdown, but fears are growing that if inflation doesn’t peak until the fall, Wall Street may have underpriced how much tightening the Fed will have to do. Stocks will remain choppy until Friday’s inflati

08-06-2022 14:29 GMT by Edward Moya

Oil edges higher, gold range-bound

Oil higher despite surprise inventory build Oil prices are edging higher once more even as the EIA reported a surprise increase in inventories last week. The market remains extremely tight and that is keeping the upward pressure on crude prices.

08-06-2022 14:10 GMT by Craig Erlam

Markets fluctuate ahead of ECB

Stock markets have endured another negative day in Europe as investors await tomorrow's hotly-anticipated ECB meeting. Much like the other two days this week, it's hard to read too much into today's trading as there's very little of note driving it. And with the ECB tomorrow, US inflation on Friday and the Fed next week, there are far more pressing matters ahead than the selection of headlines of recent days. The World Bank warning of potential recessions.

08-06-2022 14:07 GMT by Craig Erlam

Australian dollar dips as rate rally fizzles

The Australian dollar has reversed directions on Wednesday and is slightly lower. AUD/USD is trading at 0.7209, down 0.28% on the day. Aussie runs out of steam The RBA surprised the markets with a supersize rate hike of 50bp yesterday, double what most analysts had predicted.

08-06-2022 10:55 GMT by Kenneth Fisher

Euro edges higher as markets eye ECB

The euro is in positive territory on Wednesday. In the European session, EUR/USD is trading at 1.0727, up 0.20% on the day. ECB to terminate QE, start rate-hike cycle It has been a calm week for the euro thus far, but that could change on Thursday, as the ECB holds a key policy meeting.

08-06-2022 08:49 GMT by Kenneth Fisher

The Japanese yen is slip slidin' away

Yen descent continues The Japanese yen can't seem to buy a break. USD/JPY has jumped 0.84% today and has surged 2.22% this week.

08-06-2022 06:19 GMT by Kenneth Fisher

Oil edges higher, gold directionless

Oil is steady in Asia Oil prices rose slightly overnight as tight refined supplies persist in the US, and industrial action in Norway and a shutting down of a Libyan oil field continued supporting prices at recent highs. Brent crude finished 0.75% higher at USD 120.75 a barrel, and WTI rose 0.30% to USD 119.75 a barrel.

08-06-2022 05:20 GMT by Jeffrey Halley

US dollar eases with lower US yields

US dollar in choppy waters US yields eased overnight, pushing the US dollar lower as the choppy range trading in currency markets continues this week. The dollar index finished just 0.08% lower at 102.33, although the yen weakness probably flattered the final result.

08-06-2022 05:11 GMT by Jeffrey Halley

A target on your back

Target's soft outlook boosts equity markets I warned yesterday that with a dearth of heavyweight data this week until Friday’s US CPI, we were likely to experience choppy trading, driven by swings in sentiment and headlines hitting the news ticker. Sure enough, that is what occurred overnight after US retailer, Target, gave a soft outlook and announced it had too much inventory and would cut prices to shift it. If that headline had come out on another day or week, it may well have been subsumed

08-06-2022 04:52 GMT by Jeffrey Halley

Oil volatile, gold rallies

Oil Initially crude prices were unable to hold onto early gains after the EIA short-term energy outlook trimmed their demand outlook for gasoline and distillates. Earlier, oil was rallying after a couple bullish calls from Goldman Sachs and Morgan Stanley.

07-06-2022 15:34 GMT by Edward Moya

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