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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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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Oil clutching to US 120, gold drifting
Oil struggling to hold above USD 120 Oil is continuing to struggle around USD 120 on Tuesday, with Brent and WTI very slightly lower. We've seen USD 120 broken on a few occasions over the last week but each time it's been quickly repelled in a sign of momentum starting to run a little thin.
07-06-2022 09:38 GMT by Craig Erlam
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RBA joins super-sized club
Stock markets are back in the red on Tuesday, giving back the bulk of Monday's gains in a sign of ongoing uncertainty as to the direction of equity markets and the economy.   There is clearly appetite at these levels but that's not being backed up by momentum of any kind. Hardly surprising given the sheer uncertainty around inflation, interest rates and the economy.
07-06-2022 09:34 GMT by Craig Erlam
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Australian dollar swings after RBA shocker
The Australian dollar showed some bounce on Tuesday, courtesy of the RBA rate decision. AUD/USD produced a flash spike of 60 points after the move and touched a daily high of 0.7248, but was unable to consolidate.  In the European session, the Aussie is trading at 0.7180, unchanged on the day. RBA surprises with 50bp hike The RBA had a huge surprise up its sleeve, as it delivered a 50bp rate hike, bringing the cash rate to 0.85%.
07-06-2022 07:53 GMT by Kenneth Fisher
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