OANDA Senior Market Analyst Craig Erlam talks about how the NAS100 is performing in light of higher interest rates and poor earnings from Netflix.
21-04-2022 12:28 GMT
by Craig Erlam
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Oil higher as EU nears Russian ban
Oil prices are heading higher again, up more than 2%, as reports suggest the EU is nearing a framework for phasing out Russian oil imports. Given how big a market it is for Russia, accounting for roughly half its exports, that will come as a real blow to the Kremlin.
21-04-2022 11:52 GMT
by Craig Erlam
Tesla results get investors back on board
Stock markets are pushing higher again on Thursday, with the Nasdaq this time taking part after Tesla reported strong numbers for the first quarter.
The doom and gloom following Netflix's earnings report didn't last long in another sign of investor resilience to bouts of negativity. Of course, it's worth noting that it came in what has otherwise been a strong start to earnings season, something Tesla on Wednesday contributed to as it shrugged off the var
21-04-2022 11:46 GMT
by Craig Erlam
The euro has posted considerable gains on Thursday. In the European session, EUR/USD is trading at 1.0906, up 0.47% on the day.
Eurozone CPI hits 7.4%
The euro has rebounded nicely as it trades at the 1.09 line.
21-04-2022 06:52 GMT
by Kenneth Fisher
New Zealand rises to 6.9%
There was plenty of anticipation ahead of the New Zealand inflation report, which is released each quarter. The consensus was a sharp rise of 7.1% YoY in Q4, compared to the Q3 reading of 5.9%.
21-04-2022 06:12 GMT
by Kenneth Fisher
Oil markets are surprisingly quiet
Oil markets traded sideways overnight, with China's growth fears offsetting a large drop in official US crude inventories overnight. With the geopolitical news ticker fairly quiet, oil markets contented themselves with consolidating the previous day's gains.
21-04-2022 04:26 GMT
by Jeffrey Halley
Lower US yields send US dollar lower
A retreat by US yields overnight set off an uneven long-covering move in currency markets, pushing the dollar index sharply lower by 0.65% to 100.34. Having held resistance at 101.00, and with the relative strength index (RSI) at very overbought levels, the dollar index was vulnerable to a pullback.
21-04-2022 04:08 GMT
by Jeffrey Halley
Tesla earnings boost Asian markets
With the exception, once again, of China, Asian markets are tracking higher today after Tesla announced impressive results after the New York markets closed. In New York overnight, the meltdown of the Netflix stock price had spread to other companies associated with the streaming sector.
21-04-2022 03:50 GMT
by Jeffrey Halley
US dollar retreats as US yields fall
A wave of profit-taking swept markets overnights as US bond yields gave back some recent gains. That prompted traders to trim long US dollar positions, with the dollar index and USD/JPY having a tough day at the office.
21-04-2022 03:41 GMT
by Jeffrey Halley
Oil buoyed by inventory reversal
Oil prices are back in the green on Wednesday, paring yesterday's declines just as WTI appeared to be nearing USD 100 once more. The recovery was aided by the EIA inventory data which reversed last week's shock 9.4 million barrel increase to register an 8 million barrel draw.
The downward revisions to growth forecasts from the IMF and World Bank in recent days weighed on oil prices after a four-day surge.
20-04-2022 12:54 GMT
by Craig Erlam
It's been a slightly better day for stock markets in Europe as they continue to fluctuate in the same ranges they've traded in for the last month.
US indices are having a mixed start, with the Dow outperforming, up around 1%, while the S&P is managing small gains and the Nasdaq is getting hit in the aftermath of Netflix's results.
The tech sector has had a rough year as a result of the drastically changing interest rate environment and results like those from Netflix don't help.
20-04-2022 12:46 GMT
by Craig Erlam
The New Zealand dollar has recorded strong gains on Wednesday. In the North American session, NZD/USD is trading at 0.6807, up 1.1% on the day.
The US dollar is in full retreat against the majors today.
20-04-2022 12:37 GMT
by Kenneth Fisher
OANDA Senior Market Analyst Craig Erlam reviews the latest market news with Jonny Hart. They discussed the latest market moves in light of higher yields, the BoJ moves to protect its yield curve control (YCC) policy, Chinese support measures and the ECB.
20-04-2022 12:20 GMT
by Craig Erlam
Canada's inflation outperforms
The Canadian dollar is up sharply on Wednesday, as Canada's inflation report was hotter than expected. In the North American session, USD/CAD is trading at 1.2519, down 0.74% on the day.
Canada's CPI for March jumped 6.7% YoY, a full percentage point higher than the 5.7% gain in February.
20-04-2022 09:43 GMT
by Kenneth Fisher
It has been a busy day for the Japanese yen. The currency came tantalizingly close to the symbolic 130 level earlier today, but then reversed directions.
20-04-2022 07:47 GMT
by Kenneth Fisher
IMF China forecast slams oil prices
Libya’s production and export issues have been quickly forgotten as the IMF belatedly lowered its forecast for China's GDP this year, citing Covid-zero challenges amongst others. Lower China growth equals lower oil consumption in the simplistic minds of day traders, and oil prices duly slumped.
20-04-2022 05:49 GMT
by Jeffrey Halley
BoJ intervention boosts yen
The Japanese yen is once again driving the dollar index direction today. Having risen by 0.18% to resistance at 101.00 overnight, it has retreated by 0.28% to 100.71 this morning.
20-04-2022 05:40 GMT
by Jeffrey Halley
Asian equities, ex-China, follow New York higher
The perpetually bullish FOMO gnomes of Wall Street sent US equities sharply higher overnight as the day’s roster of Fed speakers refused to be as bullish as James Bullard. That allowed the fast money to pile back into a hope versus reality rally as equity markets clung to the belief that the Fed has it right.
20-04-2022 05:13 GMT
by Jeffrey Halley
China maintains LPRs
China disappointed markets that were looking for more comprehensive stimulus measures as it left both its one and five-year Loan prime Rates (LPR) unchanged. Although the PBOC did announce some targeted support measures for homeowners and small businesses and set a much weaker CNY fix versus the US dollar today, equities in China have bucked the trend elsewhere, heading directly south.
China continues to stay wedded to deleveraging parts of the economy while attempting to a
20-04-2022 03:57 GMT
by Jeffrey Halley
Oil slips back but upside risks remain
Another volatile day of trade in oil markets has seen Brent and WTI falling around 5%. Lower growth forecasts and slower Chinese growth at the end of the first quarter amid lockdowns appear to have driven the bulk of the move, although it comes following a strong four-day rally after the world's second-largest economy started easing restrictions.
There remain plenty of upside risks to the oil price, even at these levels, which makes today's large declines a
19-04-2022 13:52 GMT
by Craig Erlam