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New Zealand dollar rally fizzles
The New Zealand dollar has reversed directions after a solid 3-day rally. In the European session, NZD/USD is trading at 0.6432, down 0.55% on the day. China jitters weigh on NZ dollar New Zealand's number one trading partner is China, and it's no exaggeration to say that when China sneezes, New Zealand catches a cold.
24-05-2022 07:00 GMT by Kenneth Fisher
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Oil trades sideways, gold edges higher
Oil markets continue to slumber Oil prices moved sideways once again overnight, trading in relatively narrow ranges as China growth fears cap the upside of prices, while the Ukraine conflict and the refined petroleum product supply squeeze in the US support the downside. Brent crude finished 0.70% higher overnight at USD 113.35 a barrel, with WTI unchanged at USD 110.55 a barrel. In Asia, downgraded China GDP growth forecasts and increasing worries about wider virus restrictions in Beijing has p
24-05-2022 05:12 GMT by Jeffrey Halley
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US dollar retreat accelerates
Hawkish Lagarde sends dollar lower The US dollar slumped overnight, losing ground against both the G-10 and EM space. That contrasted with a rise in US yields, but equities, bonds and currencies seem to be running their own separate races now.
24-05-2022 05:03 GMT by Jeffrey Halley
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China slowdown weighs on Asian markets
Asian equities ease once again on China worries It was another rollercoaster session on Wall Street, with equities rallying powerfully as JP Morgan raised its income outlook and was upbeat on the US economy. The S&P 500 jumped by 1.86%, the Nasdaq rallied by 1.59%, while the Dow Jones leapt 2.0% higher.
24-05-2022 04:23 GMT by Jeffrey Halley
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Snap, crackle, pop
Snap, Crackle, Pop may bring back memories of breakfast cereals, but for Snap Inc their quarterly guidance was more of a dog’s breakfast. Snap’s stock price went snap, crackle, pop, as it fell by over 30% in extended trading after the CEO, in a note to employees, said it would miss quarterly guidance on growth and revenues.
24-05-2022 04:06 GMT by Jeffrey Halley
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EUR/USD - Bullish breakouts coming?
Lagarde comments trigger latest rally The euro surged at the start of the week after ECB President Christine Lagarde laid out a very clear path for tightening in the coming months. This is extremely out of character for Lagarde which perhaps highlights the urgency with which the ECB is now approaching the inflation problem. From intentional ambiguity to a very specific path - a rate hike in July and an end to negative rates by the end of the third quarter - it's a huge change from how the cen
23-05-2022 16:57 GMT by Craig Erlam
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US Close - Stocks rally on Biden's tariff comment, Euro rallies on Lagarde Hawkishness, Oil choppy, Gold rallies, Bitcoin struggles
US stocks are rallying over optimism that President Biden could be positioning for a major de-escalation in the US-China trade war and over selling exhaustion. After eight weeks of selling pressure for the Dow and a seven-week losing streak for both the S&P 500 and Nasdaq, a rebound was long overdue.  Many are rationalizing today’s rebound with the logic that much more downside would only be warranted if a recession was likely to happen early next year and that won’t be determined for a few more
23-05-2022 16:08 GMT by Edward Moya
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Oil steady, gold
Economic fears slow rally in oil Oil prices are only marginally higher at the start of the week as Europe's failure to agree on a ban on Russian oil and economic fears offset the Shanghai reopening. Hungary is still holding out against the deal but the bloc is confident that it will get over the line.
23-05-2022 13:22 GMT by Craig Erlam
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Lagarde signals summer hikes
The week has started on a positive note, with investors having another stab at buying the dip following a further wave of selling in recent sessions. The S&P 500 joining the Nasdaq in bear market territory naturally has everyone wondering whether the market has bottomed. It's not been the best year for dip buyers but equity markets are now trading at such a discount from their highs that it's natural for investors to be asking the question. The economic headwinds remain a major concern though an
23-05-2022 13:12 GMT by Craig Erlam
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Aussie jumps on US recession jitters
The Australian dollar has started off the week with strong gains. AUD/USD is up 0.76%, trading at the 71 line. Australia's election was a tightly contested affair, and in the end, Labour's Anthony Albanese emerged the winner and replaces Scott Morrison as prime minister.
23-05-2022 12:31 GMT by Kenneth Fisher
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Euro surges to 1-month high
The euro has jumped out of the gates on Monday with sharp gains. In the European session, EUR/USD is trading at 1.0673, up 1.12% on the day. Euro rebounds The euro looked hopelessly lost earlier this month, when it dropped to 1.0349, its lowest level since January 2017.
23-05-2022 07:25 GMT by Kenneth Fisher
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Oil calm, gold rises
A quiet day for oil markets Oil prices edged higher on Friday in New York, as the persistent squeeze in refined petroleum products in the US, and ever-present Ukraine/Russia risk underpinned prices, with China slowdown and US recession noise limiting gains. Mind you, in one article I read this morning, China's recovery hopes were supporting oil while China's slowdown hopes were capping gains.
23-05-2022 05:56 GMT by Jeffrey Halley
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US dollar pares gains in Asia
US dollar eases in Asia after firm CNY fixing The US dollar posted modest gains on Friday, despite weaker US bond yields, as traders reduced US dollar shorts into the weekend. The dollar index rose 0.15% to 103.05.
23-05-2022 05:45 GMT by Jeffrey Halley
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Asian equity markets are mixed
Asian markets cautious Asian equity markets are having a mixed session, mostly trading from the weaker side after a volatile session on Friday saw the gnomes of Wall Street finish the day almost unchanged, after unwinding some ugly intra-day losses. The S&P 500 finished 0.01% lower, the Nasdaq lost 0.30%, and the Dow Jones rose just 0.03%.   For some reason, US index futures are rallying impressively today, perhaps in a delayed reaction to the easing of long-dated yields on Friday, or just in an
23-05-2022 04:56 GMT by Jeffrey Halley
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Asia starts the week cautiously
Recession concerns keep Asian markets in check Recessionary concerns continue to hold back the buy-the-dippers in Asia today, with Asian stock markets completely ignoring the strong rally by US index futures this morning. It is always worth taking Monday morning price action with a grain of salt and regional markets are probably placing more emphasis on a flat close by Wall Street, especially given another day of intra-session histrionics which saw the 3.0% swings intraday. Reaction to the Labou
23-05-2022 04:50 GMT by Jeffrey Halley
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Market Insights Podcast (Episode 332)
Jonny Hart speaks to APAC Senior Market Analyst Jeffrey Halley about news impacting the market and the week ahead. Welcome to a new week with policy decisions from the Reserve Bank of New Zealand, Bank of Korea, and Bank Indonesia. We start today's podcast with a quick overview of Asian markets.
23-05-2022 03:56 GMT by Jeffrey Halley
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Market Insights Podcast (Episode 331)
Jonny Hart looks back on the week's business and markets news with OANDA Senior Market Analyst Ed Moya in New York.  This week they discuss the S&P 500 index decline to bear market territory, the oil market, and if king dollar's reign is over. They also discuss what the week ahead has in store for financial markets.
20-05-2022 15:26 GMT by Edward Moya
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US Close - S&P 500 enters bear market, Fading Rallies, Deere shares hit hard, Footlocker rallies, Oil rises, Gold steady, Bitcoin lower
At the beginning of the year, no one thought that the S&P 500 was headed to bear market territory, but persistent inflation, another Fed policy mistake, and recession fears have unnerved investors. The S&P 500 has lost over 20% of its value from the January high and it seems that that technical selling will only accelerate.  The way macro backdrop is unfolding, it seems traders will continue to fade any rallies that emerge until the Fed starts to show signs that they are worried about financial
20-05-2022 15:21 GMT by Edward Moya
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Week Ahead - Recession fears increasing
It's been another turbulent week in financial markets and there's nothing to suggest it's going to ease up any time soon. For months investors have been asking themselves how many rate hikes are too many?
20-05-2022 11:57 GMT by Craig Erlam
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