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OPEC+ agrees to increase output The most anticipated OPEC+ meeting of the year turned out to be a damp squib in the end. OPEC+ agreed to increase output in July and August to 648,000 bpd from the previously agreed 432,000 bpd, with the increased allocation spread across all its members, including, you guessed it, Russia.

03-06-2022 03:56 GMT by Jeffrey Halley

Oil surges after modest OPEC+ boost and bullish EIA report, gold surges

Oil The Saudis pulled it off again. They managed to keep both the Russians and Americans somewhat happy, while boosting production targets without triggering a collapse in oil prices. The oil market will still remain tight given the production boost is modest at best. Hikes for both July and August will be 50% higher at 648,000 bpd.

02-06-2022 16:12 GMT by Edward Moya

Investors focus on Fed path, stocks were oversold, bitcoin above USD 30k

US stocks are playing a game of dizzy bat (players place a baseball bat on the ground and spin 10 times) as traders remain divided with recession calls and when the Fed could be in a position to pause their interest rate hikes. Hopes for a less aggressive tightening campaign by the Fed improved after a wrath of economic data suggests the economy is softening and that inflation is cooling.

02-06-2022 16:07 GMT by Edward Moya

Euro rebounds on PMIs

The euro has posted gains and pushed above the 1.07 line on Thursday. In the North American session, EUR/USD is trading at 1.0702, up 0.48% on the day. Eurozone grapples with high inflation, low growth German and European Manufacturing PMIs were within expectations, pointing to continued expansion.

02-06-2022 09:45 GMT by Kenneth Fisher

Australian dollar higher on solid data

The Australian dollar is showing some jump. AUD/USD has punched above the 0.72 level today and has posted gains of 0.59%, as it trades close to 1-month highs. Australian releases were positive, giving the Aussie a strong boost.

02-06-2022 08:54 GMT by Kenneth Fisher

Swiss franc rises on higher inflation

The Swiss franc is slightly higher on Thursday. USD/CHF is trading at 0.9596, down 0.39% on the day. Those of us who think "staid and steady" when the Swiss franc comes to mind will be forgiven for not recognizing the currency lately.

02-06-2022 07:07 GMT by Kenneth Fisher

Oil slides on OPEC+ report, gold steady

Oil sinks in Asia on FT/OPEC+ story Oil prices have fallen in Asia today after the Financial Times ran a story that Saudi Arabia has indicated to western allies that it could raise oil production if Russian output fell substantially. Overnight, oil gave back all its gains after a WSJ story released yesterday morning suggested that OPEC+ might exempt Russia from its production quotas. Taken in totality, today's OPEC+ meeting is assuming far greater importance for global markets than the US Non-Fa

02-06-2022 04:59 GMT by Jeffrey Halley

US dollar soars versus euro and sterling

US dollar rises on strong data, Fed expectations The dollar index leapt higher overnight, thanks in part to the heavy weighting of the euro and yen in it, which slumped against the greenback. Robust US data and an ensuing extinguishing of hopes that the Fed would need to ease hiking expectations were behind the US dollar rally.

02-06-2022 04:49 GMT by Jeffrey Halley

Asia markets follows the leader

Asian equity markets dip Asian equity markets are lower today as a thin data calendar and slow news ticker leave them content to produce another follow-the-leader session, coat-tailing the direction of overnight US markets. Robust US data overnight reinforced Fed hiking expectations which saw US equities fall once again.

02-06-2022 04:06 GMT by Jeffrey Halley

What’s the good oil?

Oil slides on OPEC+ report Oil markets are on the move this morning, with oil prices dipping by 2.0% in early trading after the Financial Times reported that Saudi Arabia has indicated to western allies it could raise production to cover any substantial fall in Russian production. That follows on from my comments yesterday that this week's OPEC+ meeting later today could be a pivotal one if Russia is given an exemption from its production quotas, which would allow the two main swing producers, S

02-06-2022 03:54 GMT by Jeffrey Halley

Gold - Gathering momentum?

Or a failed recovery? Gold fell heavily between the middle of April and May but then started to recover as interest rate expectations were pared back. How sustainable is the recovery? It ran into trouble quite quickly around $1,870, at which point it struggled to gather any upward momentum.

01-06-2022 20:02 GMT by Craig Erlam

Oil rallies, gold turns positive

Oil Oil prices are rallying as the crude fundamentals continue to turn bullish, while uncertainty persists with how OPEC+ will handle Russia's output quota and if the group will be able to deliver more output in the coming months. Economic data from the US shows the economy is holding up, which supports the idea that crude demand should improve and that this will be a strong driving season. OPEC+ needs to figure out how they will handle Russia’s crude output quota, but regardless the group as

01-06-2022 14:11 GMT by Edward Moya

Stocks drop as hot data drives rate hike bets, US data impresses, BOC tightens as expected

US stocks turned negative as expectations grew that the Fed won’t be easing up on its rate-hiking campaign after both solid US economic data and aggressive rate hiking talk by the Bank of Canada. The US economy is still looking pretty good and that means the Fed may need to stick with the half-point rate hike pace beyond the summer.

01-06-2022 14:01 GMT by Edward Moya

Oil rises on OPEC+, gold gains ground

Oil prices are rising on Wednesday, clawing back some of the losses from a day earlier that came following reports that OPEC+ is planning to suspend Russia from the quota system due to the sanctions against it and the EU embargo. The move could see output increase faster by other members that have the capacity to do so, most notably Saudi Arabia and the UAE, and alleviate some of the pressure in the oil market.

01-06-2022 13:53 GMT by Craig Erlam

Equities struggle for a second day

Equity markets have turned more negative as we go into the middle of the week, with inflation and growth concerns potentially triggering the latest declines. We saw a decent recovery last week as investors reacted to the S&P 500 falling into bear market territory by buying the dip and hoping it marked the end of the decline. There wasn't anything to be particularly bullish about when it came to the data or the improved prospects for the economic outlook which is why many were referring to it

01-06-2022 13:47 GMT by Craig Erlam

Dollar pushes wobbly yen to 130

The Japanese yen continues to lose ground, as USD/JPY has punched above the symbolic 130 line. In the North American session, USD/JPY is trading at 130.01 up 1.02% on the day. The US dollar is having its way with the yen this week as USD/JPY has surged 2.23%.

01-06-2022 12:34 GMT by Kenneth Fisher

BoC hikes by 0.50%, Canadian dollar yawns

The Canadian dollar is almost unchanged in Wednesday trading. The loonie has reeled off five consecutive winning sessions and is trading at a 5-week high. BoC delivers a 50-bps hike As expected, the BoC raised the benchmark rate 50-bps at today's meeting, bringing the rate to 1.5%.

01-06-2022 10:40 GMT by Kenneth Fisher

Australian dollar edges up, GDP looms

The Australian dollar is in calm waters this week, as AUD/USD trades quietly just below the 0.73 level. GDP slows to 0.8% Australia's Q1 GDP slowed to 0.8% QoQ, after a massive 3.6% QoQ gain in Q4 of 2021. Investors were braced for a softer release after the impressive Q4 surge, and the Q1 reading actually outperformed, beating the estimate of 0.5%.

01-06-2022 07:09 GMT by Kenneth Fisher

Oil prices fall, gold under pressure

OPEC+ rumours sink crude prices The announcement of the partial EU ban on Russian crude imports was a mild tailwind yesterday, but by and large, looked to have been already priced into markets. What did surprise markets was a Wall Street Journal article suggesting that OPEC might exempt Russia from the production quota agreement at tomorrow’s OPEC+ meeting.

01-06-2022 03:45 GMT by Jeffrey Halley

Higher US yields lift US dollar

Dollar gains ground against majors Currency markets continued to trade in a choppy, but ultimately consolidative range overnight and this morning. Higher US yields overnight allowed the US dollar to be ascendant, the dollar index rising 0.48% to 101.78, having probed above 102.00 intraday.

01-06-2022 03:32 GMT by Jeffrey Halley

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