China’s oil demand stood at 14.6 million bpd, +17% y/y, but down from a month ago Strong dollar killing gold as more rate hikes penciled in by Fed Global crypto market barely holds onto the $1 trillion level, down 3.5% to $1.02T Oil Crude prices are trying to find support as the global growth outlook […]
Crypto
Risk aversion weigh on oil and gold, Bitcoin rises on BlackRock planned ETF and EDX launch
Oil Crude prices are lower on disappointment with the size of cuts with China’s key lending rates. Oil seems locked in on anything and everything that has to do with China. Last week, oil was supported by improving Chinese refiner quotas. This week, energy traders are seeing oil weakness emerge on disappointing stimulus efforts. WTI […]
Stocks lower as Hawkish Powell doubles down on tightening threat
Dollar drops after 3-day rally Powell remains hawkish; bringing down inflation has a long way to go Fed swaps price in a 69.2% chance of a hike at the July 26th FOMC meeting US stocks declined as Fed Chair Powell’s testimony to the House affirmed the Fed’s threat of higher rates to combat inflation. Wall […]
Podcast – BoE, SNB and CBRT raise rates, bitcoin hits $30,000
OANDA Senior Market Analyst Craig Erlam joins Jonny Hart and Trader Nick to discuss the latest interest rate decisions from the BoE, SNB, and CBRT, Wednesday’s testimony from Fed Chair Jerome Powell and bitcoin hitting $30,000. Content is for general information purposes only. It is not investment advice or a solution to buy or sell […]
Oil and gold tumble as central bank tightening threatens global outlook, Bitcoin at $30k
Oil Oil prices are going to remain heavy as central bank tightening will kill the global growth outlook. Energy traders will keep a close eye on today’s stockpile that might show a modest draw. The oil market will remain heavy until European inflation eases. Brent crude could make a run towards the $70 region but […]
Economic jitters hurt oil and boost gold, Crypto unfazed
Recession risks drive safe-haven flows gold’s way Oil has worst weekly decline since May Bitcoin tests highest level in a year Oil Oil prices are declining on fears that a European recession and delayed stimulus from China will spell trouble for the global growth outlook. Next week, the heads of the major central banks will […]
Podcast – Tightening to a recession
OANDA Senior Market Analyst Ed Moya joins Jonny Hart and Trader Nick to analyze the flash global PMIs, the UK’s mortgage crisis, Elon Musk Vs Mark Zuckerberg, and the return of the crypto bulls. Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions […]
Tightening fears take down oil & gold, Fidelity eyes another Bitcoin ETF attempt
Oil It’s going to take a lot to change the minds of energy traders. Fears of a weaker global growth outlook are not going away anytime soon. In the US, good news is bad news as that will suggest the Fed might have to do more tightening. Inflation is stubbornly high in Europe that […]
Bitcoin edges higher as Coinbase asks court to dismiss SEC lawsuit, Commodities pare earlier losses
Bitcoin continues to hold onto the $30,000 level as crypto traders await any decision with Bitcoin ETFs or with pending SEC lawsuits. Today, Coinbase Chief Legal Officer said, “Coinbase just doesn’t list securities, period…. We have always looked to add assets that are appropriate for not only our customers, but consistent with our lawful authority.” […]
Oil is ready to rally, Gold stabilizes, SEC sends Bitcoin towards $30K
Oil Oil’s fourth straight quarterly decline should be its last one. WTI crude is trying to stabilize above the $70 level as the oil market is destined for a deficit in the second half of the year. The crude demand outlook has too much doom and gloom priced in as the US and China outlooks […]
Oil gets a boost from surprise Russia output cut news but falls on weak ISM report
Saudi Arabia commits to extending voluntary cut of 1 million bpd Russia to reduce oil exports by 500K bpd US Manufacturing Activity drops the most in 3 years Oil The bottom is in place for oil after the Saudis and Russians play nice. The oil market got a boost after the Saudis extended their production […]
Oil higher on falling stockpiles and Gold catches a safe-haven bid, Bitcoin awaits ETF ruling
EIA Crude Oil Inventory Report expected at 11am EST. **Note API reported 4.4million draw last night. Fed’s rate path remains key for gold traders Bitcoin momentum capped on rising expectations BlackRock will get a US Bitcoin ETF approved Oil Crude prices got a boost after the API report showed stockpiles declined by 4.4 million barrels […]
Oil weakens on weaker global growth outlook, Gold and Bitcoin unfazed
Commodities get little support from a weaker dollar Demand destruction likely to force Saudis to extend cuts Bitcoin holds onto the $30,000 level Oil Crude prices are weakening as concerns mount that the global growth outlook is getting uglier by the day. China is rushing to deliver more support to their real estate crisis, while […]
Stocks gain ahead of June CPI report
US June CPI M/M: 0.3%e v 0.1% prior; Y/Y: 3.1%e v 4.0% prior; Core CPI (ex food and energy)M/M: 0.3%e v 0.4% prior; Y/Y: 5.0%e v 5.3% prior Microsoft gets go-ahead to buy Activision; prompts excitement for further deal making. Impressive demand for 3-year note auction US stocks rose as bond yields remained capped as […]
Oil tentatively lower on disappointing Chinese data
Goldman Sachs eyes a significant crude deficit in the second half of the year Markets price in 25% chance Fed cuts at December 13th FOMC meeting Bitcoin supporter Novogratz expects Bitcoin ETF gets done by end of year Oil Crude prices are lower as China’s economic recovery stalled and as Libya resumed production at key […]
Gold rises post ECB’s Klot comment and Canadian CPI report
ECB’s Knot (hawk) noted that for July I think it is a necessity, for anything beyond July it would at most be a possibility but by no means a certainty Canadian headline CPI was 2.8%, versus 3% expected, which should allow the BOC to keep rates on hold Global crypto market cap hovers around $1.2 trillion […]
Oil rally capped, Gold finds its pre-FOMC decision range, RFK Jr talks Bitcoin
EIA Report showed Cushing stockpiles declined most since October 2021 Fed rate cut bets for December 13th FOMC meeting rise to 24.0% Bitcoin bulls nervous a US ETF launch could trigger a similar Bitcoin futures collapse Oil Crude prices tentatively rose but gains were capped as Russian exports are expected to rise and as the […]
Week Ahead – Bracing for next week’s earnings, rate decisions, and major economic data
US The Fed is expected to resume raising rates at the July 26th FOMC meeting. Fed funds futures see a 96% chance that the central bank will deliver a quarter-point rate rise, bringing the target range to between 5.25% and 5.50%, almost a 22-year high. The Fed delivered 10 straight rate increases and then paused […]
Oil reaches 3-month high, Gold and Bitcoin edge lower
Oil Crude prices are tentatively breaking out as expectations remain for the oil market to remain tight despite all global weakness that is emerging. The rally in crude oil is impressive as it occurs as Europe is looking very weak right now, the US is slowing down, and China’s Politburo isn’t expected to unveil major […]
Oil rally stalls as demand softens, Gold rises post Fed
EIA Report: stockpiles dropped 600K vs -2.12M eyed Crude production falls to 12.2 million bpd (lower boundaries of this year’s range) Gold struggles as Fed leaves door open for more hikes Oil Crude prices softened after the EIA crude oil inventory report stockpiles fell less-than-expected as surging gasoline prices weighed on demand. Gas is almost […]
Oil and loonie flying high together again
Oil poised for best monthly performance since early 2022 Net-long positions in WTI rise to highest levels in 3 months Goldman says global oil demand has surpassed peak set just before COVID-19 USD/CAD Canadian dollar Oil and the loonie are flying high again as global growth prospects improve and on optimism the Fed is done […]
Strong USD sends gold to a 3-week low
Crude prices rally after Saudis signal output cuts can be extended or deepened Gold struggles as bond market selloff extends; 10-year Treasury rises 11.4bps to 4.191% Bitcoin’s tight range narrows to $28,900 to $30,100 Oil Crude prices rallied after the Saudis did what everyone expected them to do, they extended output cuts. The Saudis are […]
Week Ahead – Will US core CPI stay at the lowest levels since 2021?
US Everyone will be watching the US inflation report as a cool report could help support soft landing hopes and seal the deal for some that the Fed is done raising rates. Expectations for the July inflation report is for headline inflation to rise towards the mid-3% range, while core inflation remains steady and holding […]
EUR/USD finds support after Fed’s Harker suggests rate hikes might be over
Fed rate hike odds stumble (Sept at 13.0% of a hike, November at 20.2%) Fed’s Harker will may be at a point where it can hold rates steady Fed’s Barkin notes inflation remains too high Risk aversion was providing the dollar with some momentum but that move might have been exhausted after Fed’s Harker signaled […]
Yields rise alongside dollar; Tech leads the charge higher as stocks rebound from 2-week lows
US 10-year tips yield rise to the highest levels since 2009 NY Fed near-term inflation falls to lowest levels since 2021 Nasdaq rebounds as AI trade returns Summer trading and some choppiness has helped the US dollar continue to rally as rates remain volatile. It has not been a smooth ride for the dollar as […]