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Oil volatile, gold drops below USD 2000

Another volatile session for oil It's been another incredibly volatile day in the oil market, with Brent crude at one point rising a few percent before reversing course to trade down more than 5% on the day. This comes as it continued to see resistance around USD 130 following the US and UK decisions to ban and phase out Russian oil imports. With the EU not joining them, due to their far heavier reliance on Russian oil, and instead looking to do so over a much longer period, the price never ra

09-03-2022 11:57 GMT by Craig Erlam

A premature rebound?

Equity markets bounce back Stock markets are rebounding strongly on Wednesday, with Europe posting gains of up to 5% as investors question whether the worst is already priced in. I'm certainly not convinced that this is the case but stocks have fallen a lot in recent weeks and comments from President Zelensky around NATO membership could be viewed as a first and important step towards a compromise between Ukraine and Russia. Perhaps what we're therefore seeing is a hopeful rally rather than o

09-03-2022 11:49 GMT by Craig Erlam

Sterling moves higher as dollar dips

The British pound is in positive territory, as the US dollar has retreated against the major currencies for the first time in five days. GBP/USD is trading at 1.3169 in the North American session, up 0.52% on the day. The US dollar has had its way with the pound in recent sessions, but GBP/USD has reversed directions today.

09-03-2022 11:36 GMT by Kenneth Fisher

Euro surges on broad dollar retreat

The euro has posted sharp gains and punched above the symbolic 1.10 level. In the North American session, EUR/USD is trading at 1.1031, up 1.24% on the day. We continue to see significant volatility in the currency markets. The euro plunged 3.0% per cent last week but has reversed directions, as the US dollar has dropped against the major currencies today for the first time in five days.

09-03-2022 09:58 GMT by Kenneth Fisher

NZ dollar climbs on sharp mfg. data

The New Zealand dollar has posted strong gains on Wednesday. NZD/USD is trading at 0.6841 in the European session, up 0.55% on the day. Manufacturing Sales surge in Q4 Manufacturing Sales were outstanding in the fourth quarter, with a gain of 12.0%. This marked an impressive rebound from the -2.3% reading in Q3.

09-03-2022 07:55 GMT by Kenneth Fisher

Oil rises, gold punches past USD 2000

Oil prices stay firm Oil prices remained firm overnight, finishing around 4.0% higher for the day after President Biden announced a unilateral ban on Russian energy imports. The move was well telegraphed, with oil markets having already moved higher this week in anticipation.

09-03-2022 04:23 GMT by Jeffrey Halley

Asia’s modest relief rally

US bans all Russian energy imports The announcement by President Biden overnight of a unilateral ban on Russian energy imports had been well flagged to markets already. That limited the fallout from the announcement and although energy prices still finished higher overnight, equity markets in New York were only slightly lower.

09-03-2022 03:43 GMT by Jeffrey Halley

Oil surges, gold eyes record highs

Oil powers higher All the headlines suggest oil prices will continue to go higher. Global energy supplies will continue to get tighter now that both the US and UK will ban Russian oil. The US took it one step further and also will ban Russian natural gas and other energy sources. Russia's economy will take a big hit as the West shows unity and intensifies its sanctions against the Kremlin. The crude supply outlook will struggle to make up for Russian supplies over the next few months, so wha

08-03-2022 16:00 GMT by Edward Moya

Stocks remain persistently volatile, commodity craziness, nickel's historic move, bitcoin higher

Trading US stocks has become massively complicated as the impact from the war in Ukraine continues to drive persistent volatility with commodity prices, which is wreaking havoc on inflation expectations and driving recession fears. US stocks pared losses as some investors still remain confident with the economic outlook for the rest of the year, but that rebound did not last. Geopolitical risks and surging commodity prices are crippling everyone’s short-term US stock market outlook and that wi

08-03-2022 15:40 GMT by Edward Moya

Gold - Record highs on the way?

Pullback may be brief Gold came within a whisker of record highs on Tuesday and it may not be done there. The yellow metal is a traditional safe haven and inflation hedge, which makes it perfect in highly uncertain times like this. Not only is the world already desperately trying to get to grips with high inflation, it's also facing the prospect of an economic slowdown and maybe even recession. Putin's decision to invade Ukraine will have severe consequences, not just for Russia - although th

08-03-2022 14:50 GMT by Craig Erlam

NZD extends losses ahead of mfg. sales

The New Zealand dollar is trading lower on Tuesday, after starting the week with considerable losses. NZD/USD is trading just above the 0.68 line in the North American session. Investors are keeping an eye on New Zealand Manufacturing Sales, which will be released later in the day.

08-03-2022 12:00 GMT by Kenneth Fisher

Oil rises on expected US ban, gold rises

Oil higher as the US prepares Russian import ban There's a lot going on in the oil market at the minute which is contributing to the huge amount of volatility and uncertainty we're seeing. It's such a headline-driven market at the moment and today is certainly no different.

08-03-2022 10:50 GMT by Craig Erlam

Temporary comfort

European stock markets have been given an unexpected boost on Tuesday following reports that the bloc is close to an agreement on fresh joint bond sales to fund major projects. It was reported that the joint bond sale will fund energy and defence spending across the EU following the Russian invasion of Ukraine. Europe has long been criticised for its over-reliance on Russian oil and gas, as well as its failure to hit its 2% NATO defence spending target, and the invasion has created the urgency

08-03-2022 10:45 GMT by Craig Erlam

Euro finds its feet

The euro has been having a rough time of late and plunged 2.96% last week. EUR/USD started the week with more losses but finally found its feet today.

08-03-2022 10:11 GMT by Kenneth Fisher

Oil powers higher, gold steady

Oil prices, I don’t know what to say…… Reports that a Russian general has been killed in Ukraine seem to have been the excuse for Asia to lift prices once again this morning after the breathtaking price action overnight. Although some sense finally prevailed in Northern Hemisphere markets, Brent crude still finished 5.20% higher at USD 124.10 a barrel, and WTI 4.70% higher at USD 120.35 a barrel. Russian scaremongering around USD 300 a barrel of oil may have also spooked Asian markets, but oil

08-03-2022 04:21 GMT by Jeffrey Halley

US dollar holds onto overnight gains

Risk aversion providing support to US dollar The US dollar held onto most of yesterday’s early-session gains overnight, boosted by a rise in US yields in New York, as investors continue to pour haven flows into the greenback. The huge rallies in commodity prices are also supportive, with a large portion of that international trade priced in US dollars. The dollar index finished 0.74% higher at 99.24 overnight, with some profit-taking pushing it slightly lower to 99.16 in Asia as the news ticke

08-03-2022 04:16 GMT by Jeffrey Halley

Asian markets calm but vulnerable

Asian equities remain fragile as oil rises today Overnight, Wall Street endured a torrid session as it played catch-up to the sell-off seen in Asia earlier in the day. Fears over the surge in commodity prices torpedoing world growth, and profits, continue to weigh on equity markets, which came into 2022 at juicy valuations, thanks to two years of central bank largesse.

08-03-2022 03:50 GMT by Jeffrey Halley

The eye of the hurricane

Equity markets settle down A sense of calm has returned to Asia this morning, thanks to the news headline tickers staying quiet about anything Ukraine, energy or otherwise commodity-related. Overnight, US markets played catchup to yesterday morning's carnage in Asia, but although Wall Street had an ugly day, they didn’t add anything new to the story. That state of affairs is unlikely to last though and one senses we are in the eye of the hurricane, a period of calm before the winds return o

08-03-2022 03:40 GMT by Jeffrey Halley

Oil skyrockets on Russia oil ban talks, gold nearing record levels

Oil pares huge gains Crude prices skyrocketed to a 13-year high at the start of the week as energy traders were thinking the war in Ukraine could lead to an even tighter oil market as the US tries to convince the Germans to agree upon a ban of oil imports from Russia. After hitting the USD 137 level, Brent crude oil prices have settled back to the USD 120 region as Germany resists cutting off essential Russian energy supplies. Oil prices over USD 100 throughout the summer will become a bigger

07-03-2022 15:53 GMT by Edward Moya

Stocks lower as surging oil prices threaten growth prospects, Kohl’s investor day disappointment, Bitcoin back to being a risky asset

US, European stocks fall as oil prices skyrocket US stocks declined as surging commodity prices continued to add to worry that economic growth prospects will take a big hit as the Ukraine uncertainty persists. The crippling effect of oil prices above USD 130 would send many European economies into a recession and that sent major European stock indexes into bear market territory. Long-term investors however are growing confident that most of the exposure risk for European banks with the Russia

07-03-2022 15:50 GMT by Edward Moya

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