Oil markets sell off as odds for recession shorten
Oil capitulates as market ponders demand destruction.
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Oil capitulates as market ponders demand destruction.
Last week saw quarterly GDP contracts and PCE show signs of moderation. Moreover, manufacturing missed its forecast. All of a sudden, the narrative focuses on recession. Nik and Russ discuss if the Fed's focus will change in Q3. The RBA looks to deliver further hikes, and Wednesday sees the release of the FOMC's minutes from its June meeting.
Oil bid as OPEC and OPEC+ set to meet over the next two days.
XAU/USD opened higher today, as the G7 economies are expected to sanction imports of Russian gold, based on the US President’s comments over the weekend
The German government entered into the second level of its emergency plan for gas yesterday, which sent GER30 lower, heading towards another losing week
US President Biden is considering a suspension of the federal gas tax and action could be announced within the day, in a backdrop of soaring prices and monetary tightening by the Fed which creates stagflation fears
The pair is soft, as headline Consumer Price Index (CPI) rose to 9.1% year-over-year in May, in the aftermath of last week’s fifth straight rate hike by the BoE in order fight it
Copper is positively correlated with economic cycles. Therefore, its latest price action is a cause for concern.
The Bank of Japan did not make any changes to its ultra-loose monetary policy, but made a rare reference in the foreign exchange, give the Yen’s weakness
The central bank delivered another 25 basis point interest rate hike, in order to bring down rampant inflation, which it sees rising to double-digits
The US Federal Reserve hiked rates by 75 basis points, which is the biggest increase since 1994, catering to the aggressive market expectations after recent surge in inflation
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