It was another messy session overnight with energy, equities, precious metals and currencies trading in wide choppy ranges, diverging in price direction, with no unifying sense of theme emerging. Markets are trying to make sense of a hawkish FOMC that announced a dovish rate hike and believes it can tighten aggressively while maintaining growth. Not […]

The British pound is in positive territory, as the US dollar has retreated against the major currencies for the first time in five days. GBP/USD is trading at 1.3169 in the North American session, up 0.52% on the day. The US dollar has had its way with the pound in recent sessions, but GBP/USD has […]

The US dollar remained well-bid overnight, with losses versus the euro offset by gains versus Asian and Commonwealth currencies. The rise in US yields, and haven flows, continue to be supportive of the greenback, as do commodity prices, most of which are priced in US dollars. That left the dollar index trading sideways, easing 0.16% […]

US bans all Russian energy imports The announcement by President Biden overnight of a unilateral ban on Russian energy imports had been well flagged to markets already. That limited the fallout from the announcement and although energy prices still finished higher overnight, equity markets in New York were only slightly lower. In Asia, a relief […]

Oil jumps as IEA confirms tight market conditions Oil prices are rallying once more as the IEA raised forecasts for demand this year and confirmed that OPEC+ missed its output targets again in January and by an even wider margin of 900,000 barrels. The group acknowledged that the market is tight right now while highlighting […]

What started off as a calm week has turned into a rout. The euro is down 0.83% in the North American session and has fallen into 1.11 territory for the first time since June 2020. The currency has taken a nasty spill this week, falling a massive 1.73%. US GDP outperforms The markets are still […]

On Friday, January 21, EUR/USD is up 0.23% to trade at 1.1337. The DXY dollar index is down 0.07% and is at 95.67. The US currency continued to weaken amid fears that inflation in the first month of the new 2022 remains as high as in the past 2021. The greenback has taken a breather […]

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 […]

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 […]

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 […]

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 […]

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. The economy is expected to have created 43 thousand new jobs, which would be a modest gain compared […]