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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

Asian markets are mostly lower

Soft PMIs sends Asian equities lower Weakening Manufacturing PMI data from across the Asia-Pacific, combined with a low close on Wall Street, sees most of Asia trading in the red today, ignoring the bounce in US index futures this morning. Overnight, a rise in US yields saw the S&P 500 finish 0.63% lower, the Nasdaq lost 0.41%, with the Dow Jones easing by 0.57%.

01-06-2022 03:26 GMT by Jeffrey Halley

Asia gets no Shanghai surprise

Shanghai ends virus restrictions Asian markets are trading with a negative tone today, with the ending of virus restrictions in Shanghai today having little to no positive impact. Mostly that is due to the flip-flop of the day in US markets, which reopened overnight.

01-06-2022 03:13 GMT by Jeffrey Halley

Oil climbs, gold in choppy waters

Oil jumps again amid Shanghai reopening The price of a barrel of Brent crude hit USD 120 earlier in the day on the back of the EU deal, as well as the continued reopening of Shanghai and the better than expected Chinese PMIs. The gradual phasing in of the deal along with the exemptions included prevented the price from rising much higher but ultimately it further tightens a market that's already undersupplied. The reopenings in China are another major bullish factor for crude prices, for obvio

31-05-2022 16:11 GMT by Craig Erlam

European markets dip lower

Europe lower amid another inflation record European stock markets are a little lower on Tuesday, handing back Monday's gains to trade relatively flat on the week. It's not particularly surprising that we've seen a reversal of Monday's moves considering the inflation data we've had from the bloc. The data from Germany and Spain meant the risks were heavily tilted to the upside and that's how it materialised.

31-05-2022 16:06 GMT by Craig Erlam

OANDA - Stocks edge lower in volatile trade, AMC's strong open, Oil pares gain after OPEC signals willingness to pump more, Gold struggles as Global bond yields surge, Bitcoin stabilizes

US stocks declined as investors stared at an inflation wall of worry and uncertain Fed tightening path. Traders are still digesting Fed's Waller support of raising rates by a half point over several meetings.

31-05-2022 15:53 GMT by Edward Moya

Euro drops as EU bans Russian oil

The euro is seeing red on Tuesday and dropped below the 1.07 line earlier. In the North American session, EUR/USD is trading at 1.0707, down 0.67% on the day. EU to block most Russian oil The EU announced on Tuesday that it had reached an agreement to ban most Russian oil imports by the end of this year.

31-05-2022 10:11 GMT by Kenneth Fisher

Canadian dollar eyes GBP, BoC meeting

After a 3-day rally, the Canadian dollar has reversed directions on Tuesday and edged lower. Canada releases GDP for March later in the day. Canada's GDP climbed in February by 1.1% MoM, the highest monthly growth rate since March 2021.

31-05-2022 07:16 GMT by Kenneth Fisher

NZD falls as business confidence swoons

The New Zealand dollar rally has fizzled out on Tuesday. In the European session, NZD/USD is trading at 0.6517, down 0.63% on the day. Business Confidence slides New Zealand's business sector remains deeply pessimistic about the economy.

31-05-2022 05:58 GMT by Kenneth Fisher

Crude rises on EU oil ban, gold steady

Europe's ban on Russian oil sends black gold higher The announcement that a partial EU ban on Russian oil imports has made it over the finish line sent oil prices higher overnight. Recovering PMI data from China today, and by default recovering energy consumption, has seen the rally continue in Asia.

31-05-2022 04:15 GMT by Jeffrey Halley

Dollar edges higher

Dollar stages corrective recovery on a quiet day Currency markets are quiet post the US holiday overnight, and that has allowed a modest short-covering US dollar rally to develop after US yields ticked higher in Asia. The dollar index has added 0.26% to 101.63 this morning, mid-range between support/resistance at 101.00 and 102.50. EUR/USD has given back most of its overnight gains, easing 0.28 to 1.0750 today.

31-05-2022 04:07 GMT by Jeffrey Halley

Asia sending mixed signals

Asian markets mixed after the US holiday US markets were closed overnight, but European markets enjoyed a positive overnight session, grasping the baton from Asia. Equity markets have had some of the gloss removed thanks to hawkish ECB comments and higher than expected German inflation.

31-05-2022 03:49 GMT by Jeffrey Halley

Asia drifts in post-holiday doldrums

With US markets closed overnight, Asian markets are drifting today. Equities are mixed with currency markets are indulging in some modest US dollar short-covering as US bond futures fall (yields up).

31-05-2022 03:32 GMT by Jeffrey Halley

EUR/USD - Recovery losing momentum

Running into resistance The dollar has given back a decent portion of its recent gains over the last couple of weeks and has now reached some very interesting levels. The greenback correction has coincided with a hawkish shift from the ECB which has lifted the euro, making the impact on the EURUSD pair all the more significant. But how much further can it run? It's now reached a potentially significant area around 1.08 where the top of the steeper descending channel crosses the 50 and 61.8

30-05-2022 12:27 GMT by Craig Erlam

Oil extends gains

Oil prices rally Oil prices are continuing to edge higher as China further eases lockdown restrictions in Shanghai. The lockdowns in China have countered some of the supply shortages in recent months and stopped oil prices from rising too far but with restrictions lifting and the EU closing in on a Russian import ban, we could see Brent back at the early March highs.

30-05-2022 12:24 GMT by Craig Erlam

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