ING Economic and Financial Analysis

FX markets continue to be buffeted by opposing forces and are struggling to define short-term trends. Despite some positive Chinese activity data, Asian currencies are not rallying, suggesting that...

Improved risk sentiment has seen oil trade higher over the week, whilst supply concerns have only added further strength. OPEC+ meet early next week and we expect the Joint Ministerial Monitoring...

After the US regional banking crisis and the forced takeover of Credit Suisse (SIX:CSGN) sent shockwaves through global markets, concerns over the risk of contagion rippled across the financial...

With the yen bearing the brunt of the risk rally, the dollar saw some delayed benefits from the re-tuning in Fed rate expectations and enjoyed a modest recovery yesterday. Today, all eyes will be on...

Concerns over the banking sector have led to a move towards safe haven assets and gold has clearly benefited from this. While we see a short-term pullback in prices, we expect these to strengthen over...

Emergency Fed support for banks is at Great Financial Crisis proportions on some measures. Deposit flight from smaller banks remains a worry to boot. It should not be, but is. That said, there is...

Markets have reassessed the risks to European lenders and looked considerably less concerned as markets re-opened on Monday. If this calm in Europe continues, monetary policy divergence is what may be...

No banking contagion news allows rates to jump back, but we doubt more than one Fed hike can be priced by the curve. This means the 2Y hovering around a 4% yield. Euro rates have more upside on a...

In the UK, all eyes are on Wednesday's Spring Statement and we believe there's little room for the Chancellor to row back on his previous plans for fiscal consolidationUS: Broad support for a 50bp...

The S&P 500 closed down 1.8% yesterday led by financials (-4%). Heavy losses for SVB Financial (NASDAQ:SIVB), a California-based lender to the venture capital industry, are raising questions over...

Chair Powell has sent a clear message: the Fed is back in the driving seat. At a very minimum, the Fed has given itself the option to deliver a 50bp hike from the March meeting. It's now discounted...

Comments from Jerome Powell during his testimony to the Senate Banking Committee were more hawkish than expected, which weighed heavily on the commodities complex, particularly oilEnergy: Fed...

Fed Chair Powell opened the door to a 50bp hike and hinted at a higher peak rate in his semi-annual testimony. This was a reminder that picking the top in the dollar rally remains too risky....

Energy – Saudi Arabia Hikes Its Official Selling Price for Asia and Europe ICE Brent was trading soft today after China set a modest growth expectation of around 5% for the year and avoided...

USD: How Strong is the US Economy and What Will the Fed Do About It? After a few weeks where US price data has taken centre stage, this week will all be about activity data and Fed speak. On the...

USD: A delicate balance Another day and another piece of positive US activity data. Yesterday saw a strong January retail sales release. Though boosted by warmer weather, the data still positively...