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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 the latest inflation report, Fed Chair Powell's testimony, JPMorgan earnings, and Dogecoin. They also discuss what the week ahead has in store for financial markets.

14-01-2022 15:24 GMT by Edward Moya

US Close: Wage inflation worries send stocks lower, US data

US stocks struggled after the big banks had a rough start to earnings season. JPMorgan shares dropped sharply over fears that surging expenses and wage inflation may lead to a greater profit miss over the next couple of years. Risk appetite did not get any favors from a wrath of US economic data that missed expectations, raising fears that the underlying recovery is vulnerable.

14-01-2022 15:19 GMT by Edward Moya

Commodity and Cryptos: Oil rallies, gold pares weekly gain, Musk pumps up Dogecoin

Crude prices continue to rally on optimism that the oil market will remain tight as COVID pandemic starts to move into the endemic phase. Money managers are turning very bullish with Brent crude, sending bullish bets to an 11-week high. Today’s oil price rally is very impressive given how strong the dollar is today.

14-01-2022 15:18 GMT by Edward Moya

Week Ahead - Interest rate anxiety heightened

It's been a turbulent start to the year in the markets and that's unlikely to change as we move into earnings season. Fear of high inflation and accelerated monetary tightening is driving much of the volatility that we're seeing in financial markets over the last couple of weeks and that's unlikely to abate any time soon, with peak inflation still probably ahead of us.

14-01-2022 12:34 GMT by Craig Erlam

Oil rally, gold resilient, bitcoin unloved

European energy crisis deepens, while oil continues higher Oil prices are higher again on Friday, continuing to trade around the highest levels seen in more than seven years. We could potentially be seeing some signs of exhaustion in the rally, with momentum indicators easing despite price continuing higher, but we're not seeing it to any significant degree.

14-01-2022 09:59 GMT by Craig Erlam

The return of interest rate anxiety

Further pain ahead? A late sell-off in the US on Thursday is weighing heavily on sentiment around the globe with Asia ending the week on a negative note and Europe heading for a similar finish. Tech was once again hit the hardest as interest rate anxiety kicked in. The rebound looked premature and yesterday showed investors don't have the stomach for a sustainable rebound yet.

14-01-2022 09:55 GMT by Craig Erlam

CAD higher ahead of US retail sales

The Canadian dollar is in positive territory and continues to have an excellent week, with gains of 1.28%. The currency is back below 1.25 and is looking to close below this symbolic line for the first time since mid-November. This week's robust rally by the Canadian dollar is more a case of greenback weakness rather than loonie strength, as the US dollar has retreated broadly against the major currencies this week.

14-01-2022 07:15 GMT by Kenneth Fisher

Japanese yen extends gains

The Japanese yen continues to roll, with gains for a third successive day. USD/JPY has fallen below the 114 line and is now at its lowest level since December 21st.

14-01-2022 06:10 GMT by Kenneth Fisher

Gold - Holding firm despite higher rates

OANDA Senior Market Analyst Craig Erlam discusses gold as it tests key resistance despite yields rising in anticipation of higher interest rates this year.

14-01-2022 06:04 GMT by Craig Erlam

Pound shrugs off sharp UK data

The British pound has posted very slight gains on Friday. In the European session, GBP/USD is trading at 1.3720, up 0.09% on the day. The pound is yawning despite better than expected UK data today.

14-01-2022 02:59 GMT by Kenneth Fisher

US Close: Tech gets crushed again, Fed ready to hike in March, PPI cools, Earnings on deck

Big Tech stocks are selling off so dramatically as a product of, ‘yes US rates are likely to go up further this year,' but also as investors rotate into value and cyclical trades. A recent chorus of Fed speakers that have said they are open to raising interest rates in March, which means the possibility of 4 rate hikes this year is growing. Wall Street is trying to get a sense of how much growth is going to slow and the banks will start providing some insight on Friday. Harker’s stance on infl

13-01-2022 16:40 GMT by Edward Moya

Commodities and Cryptos: Oil dips, Gold off highs, Bitcoin lower

Oil Crude prices edged lower as political pressure grew for the White House to lobby OPEC+ to make sure the group as a whole can hit their quotas as a few members have struggled. The short-term outlook still has many risks, but optimism is high that will be short-lived. Delta CEO Ed Bastian expects omicron to delay the rebound in travel demand by 60 days. The oil market will remain very tight this year and most likely over the next few years as most energy companies are not investing in massi

13-01-2022 16:39 GMT by Edward Moya

Canadian dollar breaks below 1.25

Canadian dollar climbs despite high US inflation The Canadian dollar has extended its gains for a third consecutive day. USD/CAD has dropped 0.15% on the day, enough to push the pair below the 1.25 level, which has psychological significance, for the first time since mid-November. It has been an excellent week for the Canadian dollar, which has gained 1.27%.

13-01-2022 12:18 GMT by Kenneth Fisher

Oil stays near highs, gold trading sideways

Oil remains bullish near highs Oil prices are easing again today after moving back towards seven-year highs in recent weeks. It was given an additional bump yesterday following the release of the EIA data which showed a larger draw than expected.

13-01-2022 11:06 GMT by Craig Erlam

Earnings to bring normality

It's been a rollercoaster start to the year and as we head into earnings season, it's hard to say exactly where investors stand. Blocking out the January noise is one thing but it's made far more complicated by omicron, inflation, and the rapid evolution of monetary policy. Yesterday's reaction to the inflation data was a case in point.

13-01-2022 11:00 GMT by Craig Erlam

Japanese yen keeps rolling

The Japanese yen has extended its gains as USD/JPY trades at a 3-week low. In the North American session, USD/JPY is trading at 114.25, down 0.35% on the day. Will the yen break into 113-territory before the end of the week? Yen makes most of US dollar retreat The Japanese yen has jumped onto the currency bandwagon this week, taking advantage of a US dollar in retreat.

13-01-2022 10:42 GMT by Kenneth Fisher

New Zealand dollar extends gains

The New Zealand dollar has posted gains for a third straight day. Early in the North American session, NZD/USD is trading at 0.6886, up 0.56% on the day.

13-01-2022 09:04 GMT by Kenneth Fisher

Streaking pound pushes past 1.37

The British pound has extended its gains for a third straight day. In the European session, GBP/USD is trading at 1.3736, up 0.23% on the day. There are no tier-1 events out of the UK today, so market participants will have to wait until Friday for a data damp which includes the monthly GDP report and Manufacturing Production.

13-01-2022 05:20 GMT by Kenneth Fisher

Oil higher post CPI & EIA report, gold steady

Oil extends rally on EIA drawdown Crude prices extended gains after oil inventories fell to the lowest levels since October 2018. The EIA crude oil inventory posted a larger-than-expected headline decline of 4.55 million barrels versus an expected 1.6 million draw. Both gasoline and distillate inventories rose as consumption decreased. Gasoline demand was weaker-than-expected and still below pre-pandemic levels and if this becomes a trend oil won't be able to continue to push higher.

12-01-2022 12:49 GMT by Edward Moya

Inflation hits 7% and is nearing peak, stocks whip around, dollar falls, bitcoin rises

US stocks initially rallied after the latest reading of consumer prices showed the biggest gains since 1982, but was nevertheless, in line with expectations. Wall Street was worried that a much hotter inflation report could have not only cemented four Fed rate hikes this year, but potentially made the May FOMC meeting a possibility for when the balance sheet runoff could start. Inflation is not slowing down just yet, but the peak is getting close. Today’s inflation report does two things, it

12-01-2022 12:43 GMT by Edward Moya

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