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US Close: Market jitters ahead of Fed and massive earnings week, Netflix tanks

Wall Street has gone from debating how aggressive one should rotate out of tech into cyclicals, to sell it all. US stocks have been on a rollercoaster ride after abysmal results from Netflix.

21-01-2022 14:08 GMT by Edward Moya

Commodities: Oil rally pauses, Gold lower, Bitcoin breaks $40k

Oil Energy traders were not surprised to see the oil price rally slow down. WTI crude fell after a surprise build with US stockpiles and following a bloodbath on Wall Street that sent risky assets into freefall. Crude prices may not have a one-way ticket to $100 oil, but the supply-side fundamentals certainly support that could happen by the summer. The next few trading sessions could be difficult for energy traders as oil prices may move more so on investor positioning ahead of Wednesday’s FO

21-01-2022 14:07 GMT by Edward Moya

Market Insights Podcast (Episode 285)

OANDA Senior Market Analyst Craig Erlam reviews the latest market news with Jonny Hart and previews the week ahead. Today they discussed the market's response to Netflix earnings, bitcoin falling below $40,000, and the week ahead.

21-01-2022 13:31 GMT by Craig Erlam

Week Ahead - Fed and earnings in focus

Earnings season is off to a rocky start and not only are investors not comforted by what they're seeing, but it's also contributing to the unease in the markets. The next week will be huge after an awful start to the year that's brought inflation and interest rate anxiety, earnings disappointment, and increased geopolitical risk.

21-01-2022 13:12 GMT by Craig Erlam

Oil prices ease, gold may have room to run

How long until oil bulls jump back in? Oil prices are slipping more than 1% at the end of the week, pulling back a little further from the highs just short of $90. The decline came shortly after the EIA inventory data on Thursday, which showed a surprising rise against expectations of a 2.1 million barrel decline.

21-01-2022 08:07 GMT by Craig Erlam

Another blow to sentiment

A turbulent end to the week with widespread selling as underlying anxiety in the markets once again takes hold. The hope going into earnings season was that companies were going to settle the nerves. That we were about to get a reminder of the strength of the economy and the resilience we've seen over the last couple of years.

21-01-2022 08:02 GMT by Craig Erlam

Pound dips after soft retail sales

The British pound has edged lower in Friday trading. In the European session, GBP/USD is trading at 1.3558, down 0.28% on the day. UK Retail Sales slide UK retail sales had a dismal December.

21-01-2022 07:44 GMT by Kenneth Fisher

Oil pares gains, gold steady

Oil market remains tight Crude prices initially shrugged off a mostly bearish EIA crude oil inventory report. Shortly after the weekly oil report release, the Russian Energy ministry noted refiners continue to struggle to have minimal crude capacity offline. The oil market remains very tight and despite the EIA’s surprise build with crude oil inventories and greater than expected gasoline build, crude prices are poised to head higher. The EIA report showed US production remained steady at 11

20-01-2022 15:39 GMT by Edward Moya

Global bond yields slide as stocks rebound, US data, bitcoin rallies

US stocks breathed a tentative sigh of relief now that the bond market selloff appears to be taking a break. In just a few weeks, Wall Street has gone from pricing in a gradual tightening of policy to a hurry-up offense that could deliver 4 to 5 rate hikes this year and a balance sheet reduction kickoff this spring. Fed tightening expectations have been overdone and investors are now scaling back into risky assets. US data Investors quickly shrugged off a rather hot initial jobless claims re

20-01-2022 15:35 GMT by Edward Moya

USD/JPY dips ahead of Japanese CPI

The Japanese yen has edged higher for a second straight day. In the North American session, USD/JPY is trading at the 114.00 line. In economic news, Japan releases December inflation data and the BoJ will publish the minutes of its December meeting.

20-01-2022 12:09 GMT by Kenneth Fisher

EUR/USD - Making a comeback?

OANDA Senior Market Analyst Craig Erlam discusses EURUSD as it appears to be fighting back following a big decline in 2021.

20-01-2022 11:20 GMT by Craig Erlam

Euro drifting as CPI hits 5%

The euro is steady on Thursday, as EUR/USD trades at 1.1330 in the North American session. Eurozone CPI hits 5.0% Inflation has been the buzzword across the major economies, boosted by soaring energy costs and supply bottlenecks which have resulted in shortages in some products. In the eurozone, inflation ticked up from 4.9% to 5.0% y/y in December.

20-01-2022 10:58 GMT by Kenneth Fisher

Oil rally wanes, gold edges higher

Oil rally finally losing momentum Oil has been on a remarkable run in recent weeks driven by very bullish fundamentals as disrupted supply struggled to keep up with strong demand. OPEC and the IEA have referenced the resilience of demand since the emergence of omicron in recent weeks and the inability of OPEC+ to hit their production targets, or even come close, has led to the kind of one way price action we've been witnessing. While the fundamentals haven't changed, it does appear that we're

20-01-2022 10:15 GMT by Craig Erlam

A mixed day as earnings season continues

It's turned into a mixed session across Europe with indices giving up earlier gains initially before reversing course once more to tread water as we near the open on Wall Street. It appeared we could have been heading for a second consecutive positive session when Europe got things underway this morning, something we haven't been treated to much so far this year. But it wasn't long until we were back in the red; a further sign of the angst in the markets right now that is proving hard to shake

20-01-2022 10:12 GMT by Craig Erlam

CAD edges up as inflation soars

The Canadian dollar has posted slight gains and has pushed USD/CAD back below the 1.25 line. Canadian inflation hits 30-year high Investors are getting accustomed to seeing headlines that inflation has surged to 30-year highs. First, it was US inflation, followed by the UK just this week, and now Canada has joined the club of surging inflation.

20-01-2022 07:52 GMT by Kenneth Fisher

Aussie extends gains on jobs data

The Australian dollar is in positive territory for a second straight day. In the European session, AUD/USD is trading at 0.7233, up 0.30% on the day.

20-01-2022 05:39 GMT by Kenneth Fisher

Oil's one-way move, gold breakout,

Oil keeps rolling It appears that crude prices are still on a one-way street headed towards USD 100 oil. The improving demand outlook and vulnerable supply situation suggest the oil market will remain tight for the foreseeable future. It seems like the list of disruptions to supply keeps on growing, in the past week the following countries have been impacted: Libya, the US (North Dakota), Peru, Iraq to Turkey, UAE, and Kazakhstan. The lack of investment in new wells suggests the oil market wi

19-01-2022 15:38 GMT by Edward Moya

Rollercoaster stock ride, globally hot CPI reports, earnings, US housing data, BOC to hike, yields reverse, bitcoin struggles

Stocks went on a wild ride as global bond yields reacted to a steady stream of hot global inflation reports, decent earnings, all while the Nasdaq tentatively fell to correction territory. Inflation in both Canada and the UK hit the highest level in three decades. There is a 75% chance the Bank of Canada will hike interest rates next week and the BOE should deliver a second rate hike at the next meeting on February 3rd.

19-01-2022 15:34 GMT by Edward Moya

Market Insights Podcast (Episode 284)

OANDA Senior Market Analyst Ed Moya previews the day's market news with Jonny Hart. They discussed markets, both UK and Canadian CPI data reaching highest level in three decades, recap Goldman Sach's earnings, oil hitting a seven-year high, China's GDP data, and the recent bond market volatility.

19-01-2022 14:52 GMT by Edward Moya

Aussie rises ahead of key employment data

The Australian dollar has reversed directions and pushed above the 72 line. In the North American session, AUD/USD is trading at 0.7224, up 0.54% on the day. Australia will release December employment numbers in Thursday's Asian session.

19-01-2022 11:59 GMT by Kenneth Fisher

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