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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

Japanese yen drifting at 124

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 edges lower, gold trading sideways

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

Currency markets ranging

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

Markets snooze into week's end

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

Gold - Consolidates as Fed turns more hawkish

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

Market Insights Podcast (Episode 317)

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 drops, gold rebounds

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

Stocks slump on Fed fears, jobless claims impresses again, Conagra’s inflation take, bitcoin lower

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

NZ dollar falls as FOMC talks tough

The New Zealand dollar has extended its losses on Thursday and dropped below the 69 line. In the North American session, NZD/USD is trading at 0.6887, down 0.42% on the day. Fed puts 0.50% hikes on the table The hawkishness of the FOMC minutes was not a surprise, given that the markets had heard this from Fed members George and Brainard a day earlier.

07-04-2022 13:06 GMT by Kenneth Fisher

Oil falls below 100, gold drifting

Oil below USD 100 after IEA and EIA Oil prices are slipping again today after falling more than 5% on Wednesday. The combination of the IEA reserve release and EIA inventory data sent prices tumbling yesterday and suddenly a world of double-figure oil looks possible. That wouldn't have been something to celebrate only a few months ago but a lot has changed since then.

07-04-2022 12:59 GMT by Craig Erlam

Fed raises recession risks

Equity markets fall on hawkish Fed Stock markets are back in the red on Thursday as further hawkish commentary from the Fed increases the odds of a recession over the next couple of years. The soft landing that the Fed so desires is easier said than done, especially in an environment when inflation is so high and energy prices are through the roof. And when you consider the kind of tightening that's being proposed, the economy is going to have to display incredible resilience to weather the stor

07-04-2022 12:50 GMT by Craig Erlam

AUD falls as trade balance shrinks

The Australian dollar has extended its losses and has fallen below the symbolic 75 line. In the North American session, AUD/USD is trading at 0.7475, down 0.45% on the day. Central bank announcements have been sending the Australian dollar up and down this week like a yo-yo.

07-04-2022 09:55 GMT by Kenneth Fisher

Euro edges lower on French nerves

The euro is down slightly on Thursday and remains under pressure. EUR/USD hasn't posted a winning session in the month of April and fell to 1.0874 yesterday, which was a one-month low.

07-04-2022 05:02 GMT by Kenneth Fisher

Oil slips on SPR, gold stays sideways

Oil prices fall on IEA release Oil prices dipped overnight after the IEA announced a globally coordinated reserve release of 120 million barrels, which is actually a net 60 million release when the US contribution is stripped out. Brent crude and WTI fell by over 4.0% overnight, assisted by higher than expected US Crude Inventories, to USD 101.70 and USD 96.40 respectively. With the IEA release and the US SPR releases now priced in, Asia has walked in and bought the dips in both contracts t

07-04-2022 03:59 GMT by Jeffrey Halley

Wall Street retreat spills into Asia

Hawkish Fed minutes weighs on stock markets Asian equity markets are lower today as it follows Wall Street south, digests the implications of a faster tightening Federal Reserve, and casts a nervous eye at China and its virus situation. Overnight, the FOMC Minutes confirmed the hawkish comments of Lael Brainard the day before, causing more pain on Wall Street. The S&P 500 fell by 0.97%, the Nasdaq tumbled by 2.22%, while the Down Jones eased 0.42% lower.

07-04-2022 03:52 GMT by Jeffrey Halley

Fed's tightening grip unnerves equities

Fed to accelerate balance sheet reduction The FOMC minutes were released overnight and signalled a faster pace of balance sheet runoff then on previous occasions, targeting USD 95 billion per month from September, easing into the process from next month. The minutes also suggested that some 50 bp Fed Funds hikes were on the cards and expect that to happen from next month.

07-04-2022 02:19 GMT by Jeffrey Halley

Bitcoin - A false breakout?

Can it still capitalise on the breakout? Bitcoin appeared to have made a very bullish move last week when it finally broke above $45,500 but since then, it's all been downhill. Sentiment in the broader markets has dipped in recent days and bitcoin has suffered as a result. Even prior to this, it failed to capitalise on the initial breakout which may have been a sign of what was to come. While the trend in the longer term may still be positive, the current environment isn't making life easy.

06-04-2022 17:10 GMT by Craig Erlam

Oil slumps as more short-term relief expected, gold struggles

Oil prices fall on EIA, SPR Crude prices declined after both the EIA report showed US stockpiles posted a surprise build and on reports that IEA nations will deliver an additional 60 million barrels from reserves. Oil might be down today as oil-consuming nations show they are aggressively tapping their emergency stockpiles, but that won’t last as supply constraints will remain given the production outlook for most OPEC+ nations. Pockets of severe supply disruptions for gasoline, diesel, and je

06-04-2022 15:39 GMT by Edward Moya

Stocks extend post FOMC minutes, bitcoin lower

US stocks extended losses after the Fed minutes showed they are ready to deliver super-sized hikes and reduce its massive bond holdings at a maximum pace of USD 95 billion a month. Everyone knew the Fed was telegraphing the balance sheet reduction was coming and expectations were for the pace to be around USD 100 billion, so the USD 95 billion amount was initially viewed as dovish. The Fed noted that they preferred to deliver a half-point increase at the March meeting, but the uncertainty from

06-04-2022 15:34 GMT by Edward Moya

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