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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

Euro jumps to 2-month high after US CPI

The euro has jumped on the currency bandwagon, as the US dollar is in broad retreat. In the North American session, EUR/USD is trading at 1.1438, up 0.63% on the day.

12-01-2022 12:31 GMT by Kenneth Fisher

Surging Canadian dollar hits 8-week high

Canadian dollar climbs despite high US inflation The Canadian dollar continues to flex its muscles, as USD/CAD has dropped to an 8-week low. The pair is pressing very close to the 1.25 line, which has psychological significance. With everybody talking about inflation, including Fed Chair Jerome Powell, today's US CPI report for December could well have been the highlight of the week.

12-01-2022 11:24 GMT by Kenneth Fisher

UK100 - From strength to strength

Further to run? The UK100 has been going from strength to strength in recent weeks, relatively undeterred by the wobble in broader stock markets over the last week or so as it eyes January 2020 highs above. It's already back in pre-pandemic territory and the momentum indicators on both the daily and 4-hour charts continue to look healthy. That may suggest resistance around 7,560 is looking a little vulnerable, with the next big test above coming around 7,700. Ultimately, the ability to achi

12-01-2022 10:51 GMT by Craig Erlam

Oil rally continues, gold choppy

Fundamentals remain bullish for crude Oil prices are trading back around their highest levels since late October after another surge on Tuesday. The rally continues as OPEC continues to miss output targets and Libya reportedly struggles to ramp up production again.

12-01-2022 10:44 GMT by Craig Erlam

Risk back on?

Stock markets remain in positive territory on Wednesday after a reassuring appearance from the Chairman of the Federal Reserve and some inflation data. Jerome Powell put in a decent performance on Tuesday but sentiment is clearly very fragile and it may not take much to tip investors over the edge again. Three rate hikes are now heavily priced into the markets this year, with balance sheet reduction perhaps starting in the third quarter. While investors could get on board with that, the situat

12-01-2022 10:39 GMT by Craig Erlam

Aussie snoozes as mini-rally fizzles

The Australian dollar is almost unchanged on Wednesday as it trades just above the 0.72 level. On Tuesday, the Aussie posted strong gains of 0.51%, its best daily performance in a week.

12-01-2022 07:41 GMT by Kenneth Fisher

Oil and gold rally after Powell remarks

Oil prices leap higher after Powell testimony Oil prices rocketed higher overnight as the Powell testimony removed the threat of early rate hikes, for now, allowing the fundamentals of constrained OPEC+ production, and an omi-gone variant recovery, to reassert themselves with a vengeance. Brent crude rocketed 3.25% higher to USD 83.60 a barrel, while WTI leapt 3.65% higher to USD 81.25 a barrel.

12-01-2022 05:35 GMT by Jeffrey Halley

Risk sentiment recovery pushes dollar lower

Powell testimony weighs on US dollar The Powell-inspired risk sentiment rally overnight saw US yields edge lower and weighed heavily on the US dollar, which staged a broad retreat. The dollar index fell 0.36% to 95.60, just above support at 95.50.

12-01-2022 05:28 GMT by Jeffrey Halley

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