OANDA Senior Market Analyst Craig Erlam discusses EURGBP following the ECB and BoE meetings.
03-02-2022 13:01 GMT
by Craig Erlam
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Inflation has been rising in Canada, with December CPI hitting 4.8% y/y, a 30-year high. The Bank of Canada is keeping a watchful eye on inflation but has a new problem to worry about.
03-02-2022 12:19 GMT
by Kenneth Fisher
Oil softens but major correction unlikely
Oil prices are softening a little again today, as they continue to struggle around the USD 90 level. This comes even as OPEC+ refused to be pressured into raising output faster in March - or perhaps be forced to do something they're unable to do right now.
03-02-2022 11:30 GMT
by Craig Erlam
European stock markets are coming under pressure on Thursday, with the moves being exacerbated by the realisation that rate hikes may come earlier and faster than thought.
Equity markets were already under a little pressure today, as earnings from Meta and Spotify brought investors back down to earth with a bang. Results from Microsoft, Apple and Alphabet had been far more encouraging and it seemed that the worst could be over for big tech.
03-02-2022 11:23 GMT
by Craig Erlam
The Australian dollar headed lower earlier in the day before recovering. In the North American session, AUD/USD is trading at 0.7137, down 0.01% on the day.
The RBA policy meeting went as expected, with the bank winding up its bond asset programme while preaching caution.
03-02-2022 10:05 GMT
by Kenneth Fisher
The ECB is expected to maintain monetary policy at today's meeting, but investors have been snapping up euros ahead of the meeting, with EUR/USD up 1.26% this week. The upswing in eurozone inflation, which was reinforced by the January record-breaking CPI report, has raised expectations that the ECB will implement a rate hike before the end of 2022.
03-02-2022 04:55 GMT
by Kenneth Fisher
The British pound has put together an impressive rally this week, with gains of 1.11%. The currency has taken a pause ahead of a key BoE policy meeting later today.
BoE expected to hike rates
The Bank of England is widely expected to raise rates by 0.25% at today's meeting.
03-02-2022 04:12 GMT
by Kenneth Fisher
Oil goes on wild ride
Energy traders knew today was going to be a wild ride with another OPEC+ meeting, the weekly EIA crude oil inventory report, and as Ukraine-Russia tensions intensified. OPEC+ meetings are a big wildcard, with some meetings getting dragged out for days, while others end very quickly.
02-02-2022 13:28 GMT
by Edward Moya
Investors are focusing on what has been a mostly positive earnings season, also shrugging off a negative private payroll report that was clearly impacted by the omicron variant spread in January. Google crushed earnings and that optimism has many traders feeling that the bottom is in for the mega-cap tech giants. Apple and Google have made Wall Street turn more optimistic about earnings season and that is largely because some of these tech giants are still delivering impressive results despite
02-02-2022 13:07 GMT
by Edward Moya
Talk of triple-digit oil not going away soon
Oil prices are a little flat on Wednesday after OPEC+ backed plans to boost output by 400,000 barrels again in March, following some rumours that the group could increase its commitment in the face of strong demand and high prices.
While that may have been welcomed by leaders in consuming countries that are facing a cost of living crisis, it may have made little actual difference as the group is failing to hit its current targets. We could have seen
02-02-2022 12:46 GMT
by Craig Erlam
The stock market recovery continues on Wednesday, despite a selection of disappointing data releases from Europe and the US.
We've seen a decent rebound off the January lows and that only appears to have accelerated this week which will come as a huge relief to investors after a rather turbulent start to the year. And coming at a time when so many rate hikes are now priced in for a variety of central banks, it's possible that peak-tightening fear is behind us.
There is still potential, of cour
02-02-2022 12:44 GMT
by Craig Erlam
The Canadian dollar is flat on Wednesday, trading at 1.2685 in the North American session.
Canada GDP beats consensus
Canada's GDP outperformed in November, but the positive news wasn't enough to move the sleepy Canadian dollar. GDP expanded by 0.6%, above the consensus of 0.4%.
02-02-2022 12:01 GMT
by Kenneth Fisher
We are seeing plenty of volatility in the currency markets, and the euro is no exception. EUR/USD has climbed 1.37% this week, recapturing the lion's share of last week's losses.
It's a safe bet that ECB President Christine Lagarde was not pleased with the January eurozone inflation report for December, which was released just ahead of Thursday's ECB policy meeting.
02-02-2022 10:50 GMT
by Kenneth Fisher
We continue to see strong movement from the Australian dollar, which has gained ground for a third successive day. The currency has gained 2.2% this week, recovering most of last week's losses.
Lowe preaches patience
After an RBA meeting that contained no surprises, the markets were hoping to gain some insights when Governor Lowe spoke at an event on Wednesday which included a Q&A session.
02-02-2022 07:55 GMT
by Kenneth Fisher
The New Zealand dollar has been showing plenty of volatility over the past week but is steady on Wednesday. After plunging 2.56% last week, the currency has rebounded, recovering about half of those losses this week.
02-02-2022 06:23 GMT
by Kenneth Fisher
OANDA Senior Market Analyst Ed Moya previews the day's market news with Jonny Hart. They discussed markets, discuss the RBA rate decision, preview what the BOE might do, and provided some insight to why energy traders closely followed Exxon's earnings results.
01-02-2022 21:05 GMT
by Edward Moya
Oil/Exxon
Crude prices edged lower ahead of the OPEC+ meeting on output and after Exxon’s quarterly update showed the oil giant was ready to significantly increase its investment in new wells. Fears of an OPEC+ surprise has many energy traders locked in profits. OPEC+ is expected to stick to the script and deliver a 400,000 bpd increase next month and when you factor in that many members are struggling to hit their quotas, oil seems poised to head higher. Fears of disruption to supplies will
01-02-2022 11:05 GMT
by Edward Moya
US stocks are getting pulled all over the place as investors digest both a wrath of economic data and a chorus of Fed speak that has de-escalated aggressive tightening fears for now. Impressive earnings from UPS and Exxon helped risk appetite early but that faded quickly as traders remain fixated over everything about inflation. For about 10-minutes much of Wall Street took a break to hear the news that Tom Brady announced his retirement.
01-02-2022 10:59 GMT
by Edward Moya
The British pound is up for a third straight day, as GBP/USD has rebounded after last week's sharp losses. The pair is trading just above the 1.35 level in the North American session.
BoE expected to raise rates
Financial markets are predicting that the BoE will hit the rate trigger at Thursday's policy meeting.
01-02-2022 10:40 GMT
by Kenneth Fisher
The Aussie has rebounded nicely this week, recovering half the losses from last week, when it tumbled 2.5%. AUD/USD has edged higher and is trading just below the 0.71 level in the European session.
RBA holds rates, winds up QE
There were no surprises from the RBA policy meeting earlier today.
01-02-2022 06:25 GMT
by Kenneth Fisher