OANDA Senior Market Analyst Craig Erlam discusses EURUSD in the aftermath of the ECB monetary policy decision and press conference.
09-06-2022 18:44 GMT
by Craig Erlam
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Crude prices softened as stagflation risks have risen for the US and as China’s reopening hits a major roadblock as Shanghai is expected to lock down seven districts this weekend. The oil market remains very tight, but the short-term crude demand outlook took a bit of a hit today.
Whatever weakness emerges for crude will likely be short-lived as this will be one of the busiest driving seasons ever. The pent-up demand for vacation and travel will be front-loaded and demand for crude will be r
09-06-2022 14:37 GMT
by Edward Moya
US stocks declined as global bond yields rose after the ECB prepared markets for a rate hiking cycle and on growing nervousness that tomorrow’s CPI data will clearly show inflation isn’t near peaking.
The outlook is darkening and that might be how the argument for the Fed to pause in September begins.
09-06-2022 14:31 GMT
by Edward Moya
Oil steady as fresh Shanghai restrictions halt rally
Oil prices are steady on Thursday after surging once more in recent days. Fresh restrictions in Shanghai may be behind the rally losing steam, with China's Covid-zero strategy the primary downside risk as far as crude is currently concerned.
09-06-2022 11:37 GMT
by Craig Erlam
European stocks are tumbling on Thursday as the ECB laid the groundwork for multiple rate hikes over the coming months.
In keeping with President Lagarde's blog post a few weeks ago, the statement that accompanied the initial decision was very clear and specific as to the actions it intends to take over the next few months and beyond. What's more, Lagarde was very clear in what it would take for the ECB to join the 50 basis point club in September.
09-06-2022 11:34 GMT
by Craig Erlam
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
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
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
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
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
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
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
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
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
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
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 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
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
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
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