The Japanese yen continues to lose ground. Last week, USD/JPY rose 1.41% and has added another 0.97% on Monday.
11-04-2022 07:34 GMT
by Kenneth Fisher
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The New Zealand dollar remains under pressure and is in negative territory at the start of the week. Earlier in the day, NZD/USD dropped to 0.6813, its lowest level since March 16th.
Markets await RBNZ rate decision
The RBNZ, like many other major central banks, is finding itself playing catch-up with soaring inflation.
11-04-2022 05:29 GMT
by Kenneth Fisher
China's growth fears prompt oil selling
Oil finished last week slightly higher in directionless trading. Brent crude rose 0.95% to USD 102.30 a barrel, and WTI rose 0.80% to USD 97.75 a barrel.
11-04-2022 04:22 GMT
by Jeffrey Halley
US dollar holds onto gains
The US dollar has a choppy session on Friday, the dollar index spiking to 100.19 before retreating to finish just 0.10% higher at 99.84. In Asia, an uncertain outlook on multiple fronts has lifted it 0.10% higher to 99.93.
11-04-2022 04:03 GMT
by Jeffrey Halley
China's Covid spike weighs on Asia markets
On Friday, US equities limped into a non-descript finish to the week as inflation fears were compounded by growth fears, notably from China. The S&P 500 fell 0.27%, the Nasdaq tumbled by 1.34%, while the Dow Jones booked a 0.40% gain as investors rotated into value for the weekend.
11-04-2022 03:53 GMT
by Jeffrey Halley
Although we have seen some interesting political developments across the world over the weekend, it is China that is weighing on Asian markets this morning. China inflation came in slightly above expectations YoY for March rising by 1.50%, while PPI eased back to 8.30% YoY, likely thanks to Covid restrictions crimping economic activity.
China's Covid spike threatens economy
It is China’s Covid situation that is making Asia nervous.
11-04-2022 03:44 GMT
by Jeffrey Halley
US stocks pared losses after reports that the ECB is working a crisis tool that could help tackle what seems to be a likely surging bond yield problem for the southern periphery. The ECB has the hardest job of all the other major central banks and this potential tool shows they are trying to get ahead of what will be an unbalanced economic recovery once inflation eases. Wall Street is looking at surging Treasury yields and swapping out tech stocks for more defensive plays such as energy, finan
08-04-2022 14:34 GMT
by Edward Moya
Period of range tightening at an end
Gold has been in consolidation for days but it may be breaking out of this at the end of the week.
The range has been consolidating in recent days, even at a time when other markets were seeing plenty of volatility on the back of another hawkish move by the Federal Reserve.
That at one time would have been a negative for gold as higher rates are typically associated with lower gold prices. But these aren't ordinary times.
08-04-2022 11:39 GMT
by Craig Erlam
There has been incredible resilience in equity markets in recent weeks as central banks have ramped up interest rate expectations, particularly at the Fed, and bond markets have at times priced in a recession. While there have been wobbles in stock markets, they've quickly recovered which suggests investors may not be buying the recession warnings.
08-04-2022 10:54 GMT
by Craig Erlam
The currency markets are in calm waters today, with one eye on the weekend. The Canadian dollar is no exception, as USD/CAD is unchanged, trading just shy of the 1.26 line.
The Federal Reserve continues to send out hawkish feelers to the markets.
08-04-2022 07:33 GMT
by Kenneth Fisher
Oil hovers around USD 100
A second weekly decline in oil prices has eased some of the pressures on the global economy going forward, thanks to a combination of factors including huge SPR releases and Chinese lockdowns. Still, at around USD 100 a barrel, prices are very high and there remain significant upside risks going forward.
How prolonged and widespread Chinese lockdowns become could be a key factor in the short-term, with it being such a large consumer and some cities with very few cases a
08-04-2022 06:55 GMT
by Craig Erlam
The stock market recovery has stalled this week despite indices ending on a positive note as investors digest the latest speak from central banks.
Naturally, front and centre on this is the Fed which has notably become more hawkish, something the minutes confirmed is not just a knee-jerk response to the latest economic reports.
We all expect James Bullard at this point to be at the more hawkish end of the spectrum, so his call this week for rates to hit 3.5% this year didn't cause the shock and
08-04-2022 06:50 GMT
by Craig Erlam
USD/JPY continues to trade sideways and looks like it may drift right into the weekend. In the European session, USD/JPY is trading just above the 124 line.
Japanese data mixed
Japan released a data dump on Friday, but the yen wasn't biting and has shown little change.
08-04-2022 04:33 GMT
by Kenneth Fisher
Oil prices ease in Asia
Oil prices traded in a USD 5.00 range overnight, but despite the overcaffeinated traders of the oil market raising their blood pressures intraday, both Brent and WTI ultimately settled almost unchanged. This is as good a reason to my readers to not get caught up in short-term market moves generally, as any.
08-04-2022 03:29 GMT
by Jeffrey Halley
US dollar holds onto gains
Currency markets had a choppy night with decent ranges seen across the majors. Ultimately though, despite all the noise, markets settled fairly close to where they had started.
08-04-2022 03:20 GMT
by Jeffrey Halley
New York had a relatively quiet session overnight, with Europe’s announcement that its next round of sanctions would include Russian coal imports, having no impact on energy prices. A relatively slow calendar and few new developments from Eastern Europe saw Wall Street equities reverse intra-day losses to close slightly higher, long-dated US yields edged higher, and the US dollar booked very modest gains.
Fed sending out hawkish signals
St Louis Federal Reserve President Bullard was the latest F
08-04-2022 03:05 GMT
by Jeffrey Halley
OANDA Senior Market Analyst Craig Erlam discusses the moves in gold as the Fed's hawkish shift continues.
07-04-2022 17:53 GMT
by Craig Erlam
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 how financial markets reacted to the Fed Minutes, what happened in the oil markets, and discussed cryptocurrencies. They also discuss what the week ahead has in store for financial markets.
07-04-2022 15:05 GMT
by Edward Moya
Oil
Crude prices are declining as both supply and demand-side drivers start to turn bearish. The massive IEA crude reserve release plan will provide short-term relief for oil prices but that is also happening as China’s Covid lockdowns are becoming a bigger hit on crude demand.
07-04-2022 13:33 GMT
by Edward Moya
US stocks declined as fears grew that the Fed may have to be much more aggressive in tightening policy over the next few meetings. Inflation is everywhere and that has stock investors nervous.
07-04-2022 13:29 GMT
by Edward Moya