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Special Reports

XM Research - 2 days ago

Stock markets and football sometimes mix well

The 2024 European Football Championship starts today History points to strong stock market performance for the host country Major sporting events held in the eurozone could boost growth ECB to monitor consumer sentiment more closely With the market digesting the latest developments, it is time for football on both sides of the Atlantic Ocean.
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XM Research - 3 days ago

After Macron’s election gamble, is political risk a new headwind for the euro?

Snap elections in France spur panic in euro and French stock market Doubts about Germany’s coalition add to euro’s woes Is political instability about to become a persistent risk for the euro? Europe steers to the right Financial markets don’t usually pay so much attention to elections for the European Parliament, as national governments are often seen as the bigger force in setting EU policy.
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XM Research - 5 days ago

Volatility surges across the board – Volatility Watch

Forex pairs are very volatile after strong NFP report Volatility in gold and silver ticks up, oil swims in calm waters US equities exhibit volatility jump amid correction fears Volatility in dollar crosses has picked up as the stronger-than-expected NFP report dialed back rate cut expectations, while investors are bracing for the FOMC meeting and the CPI print later this week. Euro pairs are in a similar position after the EU elections sparked a wave of politically instabili
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XM Research - 1 week ago

Could stronger US data force a Fed rate cut?

Markets crave weaker US data to support their rate cut expectations Strong data this week could cause an acute market reaction The Fed might find it easier to act if financial stability is under threat The key question in the market participants’ minds is when the Fed is going to start easing its monetary policy stance. The year started with the market pricing in at least five rate cuts by the Fed in 2024, but with inflation remaining above 3% since July 2023, expectations have t
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XM Research - 2 weeks ago

Volatility ticks up in commodity and stock markets – Volatility Watch

Forex pairs in a quiet mood despite upcoming rate decisions Volatility in oil skyrockets, gold swims in calm waters US equities exhibit volatility jump as they ease from record highs Euro/dollar and euro/pound volatilities have been in the middle of their 30-day range, even though markets are bracing for the first interest rate cut by the ECB since 2016 on its Thursday meeting.
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XM Research - 2 weeks ago

Euro suffers when ECB announces the first rate cut of the cycle

ECB prepares to cut rates for the first time ahead of the Fed History points to strong possibility of back-to-back rate cuts Both the euro and German DAX tend to underperform on meeting day The ECB is on the brink of announcing its first rate cut since March 2016 as the overall rhetoric from ECB officials leaves little doubt about next week’s rate decision, with even the most hawkish members of the Governing council acknowledging the need for rate cuts.
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XM Research - 2 weeks ago

Has the pound rally run its course?

Pound gains as BoE seen cutting rates late Economy improves but inflation may further slow A Labor victory could make the BoE’s job easier As rate cuts come forward, pound may weaken Sticky core inflation weighs on rate cut bets We are nearly halfway through 2024 and the pound is holding the first place among the major currencies in terms of year-to-date performance.
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XM Research - 2 weeks ago

OPEC+ supply cuts to stay, but patience might start running out

OPEC+ oil producers might extend current supply cuts on Sunday June 2 Deeper cuts could be acceptable by major members but probably not for long Plans for capacity increases might cause some divisions within the group Geopolitical tensions, China outlook, and Fed rate cut path to move oil prices too   An agreement seems to be on the table already OPEC oil producers and their allies including Russia postponed their 188th gathering for a day to Sunday June 2 and switched from an
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XM Research - 3 weeks ago

Low volatility across the board besides Bitcoin – Volatility Watch

Forex pairs in a relatively quiet mood Volatility in Bitcoin and silver skyrockets US equities enjoy low volatility despite rally to record highs Euro/dollar volatility has dropped aggressively over the past week as markets are bracing for inflation data both from the US and Eurozone this week. Similarly, volatility in yen crosses remains muted even though the Japanese currency is trading near historical lows against its major peers, while the latest downbeat inflation data out
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XM Research - 3 weeks ago

Could developments in Iran and Saudi Arabia turn the tide for oil?

Iran is still quiet about reasons behind the helicopter accident Saudi Arabia’s King health scare turns focus on Crown Prince Oil still under pressure; a new catalyst could reverse the recent trend Iranian Presidential elections to be held on June 28 News of the helicopter accident, which resulted in the loss of several senior Iranian officials including President Raisi, caused a sudden chill in market participants.
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XM Research - 4 weeks ago

Commodities' volatility jumps due to geopolitics – Volatility Watch

Euro/dollar volatility eases aggressively Volatility in gold and silver skyrockets US equities enjoy low volatility amidst weekly gains Euro/dollar volatility has dropped aggressively as the market is adjusting to a quieter data calendar that nevertheless includes a plethora of Fed speakers. Similarly, volatility in yen crosses remains moderate as market participants, especially in dollar/yen, appear unwilling to further provoke the BoJ and risk significant losses.
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XM Research - 4 weeks ago

Fed rate expectations whipsawed by Fed speakers and the US CPI

It has been a rollercoaster period for Fed rate cut expectations Sticky US inflation is keeping the market on its toes Numerous Fed speakers this week; market sensitive to hawkish comments Dollar’s 2024 gains dented despite divergent monetary policy outlooks The year started with the market firmly believing that the Fed would deliver six rate cuts during 2024 on the back of an aggressive slowdown in inflation, which has not materialized up to now.
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XM Research - 1 month ago

Can gold climb to a new record high?

Gold pulls back after hitting record high near $2430 Retreat remains short-lived as geopolitical risks escalate But demand from China seems to be slowing Yet, the chances for fresh advances remain elevated   Geopolitics among the main drivers After hitting a record high at around $2,430 on April 12, gold entered a corrective phase due to the easing of geopolitical tensions at the time allowing investors to continue offloading safe-haven positions.
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XM Research - 1 month ago

Higher euro/dollar volatility ahead of US CPI report – Volatility Watch

Euro/dollar enjoys strong volatility ahead of key data releases Gold and silver see higher volatility amidst muted price rally Volatility drops in US equities as risk appetite returns Euro/dollar volatility has jumped higher as the market is preparing for some key US data prints. On the flip side, volatility in yen crosses remains moderate after the recent Japanese interventions, with market participants trying to avoid further provoking the BoJ at this stage.
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XM Research - 2 months ago

Could Monday’s intervention turn the tide for the yen?

Japan allegedly intervened for the first time in six months Most recent interventions did not produce concrete results A more hawkish BoJ is probably needed for a sustained yen rally Japan has a long history of market interventions, to weaken or prop up its currency. Several times since the 1990s, Japan, unilaterally or with help from its main trading partners, tried to turn the tide for the yen.
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XM Research - 2 months ago

Besides yen pairs, neutral volatility across the board ahead of Fed and NFP – Volatility Watch

Japan’s intervention spurs volatility in yen pairs, usual action elsewhere in FX market Commodities enjoy lower volatility as geopolitical tensions subside Equities at neutral volatility levels during earnings season, Bitcoin volatility picks up Volatility in yen crosses has exploded on the back of a suspected Japanese intervention. Moreover, apart from dollar/yen, other dollar pairs are trading in the middle of their volatility range ahead of the Fed decision on Wednesday and
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XM Research - 2 months ago

Slightly lower volatility across the board ahead of key US data – Volatility Watch

Lower volatility is on the cards for the FX market Gold to enjoy lower volatility; oil probably too quiet considering geopolitics Equities volatility remains elevated, especially in JP225 index Volatility in EUR/USD has eased up a bit but remains high amidst continued rhetoric for an ECB rate cut in June. Geopolitical events have also played a crucial role in maintaining volatility high in the remaining currencies, including the yen and pound crosses, with the former facin
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XM Research - 2 months ago

What do the smaller US surveys say about the US economy?

Fed is still on the sidelines as the US economy remains strong Smaller US business surveys point to a weaker manufacturing sector But the services sector could continue to surprise on the upside US dollar is benefitting for the curtailed Fed rate cut expectations Stickier inflation, a relatively healthy labour market and a barrage of stronger US economic data have forced the market to reconsider its aggressive Fed expectations and to price in only two rate cuts for 2024. Despi
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XM Research - 2 months ago

Market continues to price in a plethora of rate cuts for 2024

Market is still in monetary easing mode despite fewer rate cuts priced in across the board Divergent cut expectations for the Fed and the ECB, reflecting economic conditions The ECB and the BoC are seen cutting in July; the RBA might not cut rates this year BoJ is seen hiking again during 2024 The market is digesting both the latest geopolitical developments and the recent rally in oil prices as the countdown to the May 1 Fed meeting has begun.
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XM Research - 2 months ago

What’s next for markets amid Israel-Iran tensions?

Iran launches strikes against Israel, but markets don’t panic  Traders seem hopeful this won’t escalate into full-blown war How Israel responds will be crucial for risky assets and oil prices   Political theater?  Tensions in the Middle East reached boiling point over the weekend after Iran launched drone and missile strikes against Israel, in retaliation to an Israeli attack on an Iranian diplomatic consulate in Syria earlier this month.
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