ING Economic and Financial Analysis

Should Russia and Ukraine ultimately reach a peace deal, the US dollar is probably due another moderate correction – but for now, markets are lacking tangible bearish USD drivers and we think the...

The US dollar continues to trade on the softer side after Friday's soft US January retail sales questioned the strength of US activity. USD/JPY has been in the vanguard of this dollar correction and...

Oil prices are under pressure this morning with talk of a potential restart in oil exports from Iraq’s Kurdistan region Energy Despite the downward pressure on oil prices through much of last week,...

The threat of tariffs on copper imports to the US has driven the difference between the CME copper contract price and the LME to record highs A Tariff Bost The markets are already pricing in tariffs...

If Thursday was the 'Big Day' for US reciprocal tariffs, you wouldn't have known it by looking at the global equity rally or the slightly softer US dollar. The benign impact on markets of yesterday's...

Oil prices continued to decline in early trading following reports of upcoming negotiations between the US and Russia to end the war in Ukraine. Meanwhile, OPEC has maintained its global oil demand...

European currencies received a lift late yesterday following an update from Donald Trump that he'd had productive discussions with Vladimir Putin about a ceasefire in Ukraine. The rally may have a...

US inflation came in well ahead of expectations, prompting the market to dramatically reprice the prospect of rate cuts. Potential tariffs add upside risk to inflation in coming quarters, but there...

With Trump ordering a 25% import tax on all steel and aluminium entering the US, trade tensions are inching closer to Europe. We take a closer look at how European policymakers could react. Spoiler...

The euro has been doing a little better this week. It is unclear whether this is some re-assessment – helped by the outperformance of eurozone equities – that all the bad news is priced in. However,...

The oil market traded under pressure after rising for three consecutive sessions as the latest inventory numbers from the American Petroleum Institute (API) remain largely bearish. The market awaits...

After 100bp of rate cuts, Fed Chair Powell suggests policy remains restrictive – even if inflation remains elevated they will merely “maintain” policy restraint for longer. This indicates an...

President Trump has signed an executive order imposing an additional 25% tariff on steel and aluminium imports into the US, effective March 12, 2025. With four weeks until the tariffs take effect,...

US President Donald Trump has announced a 25% tariff on steel and aluminium imports, effective March 12. The tariffs will apply to all US imports, including from Canada and Mexico, and will also...

As we await the next tariff news from the Trump administration, it is noticeable that some European currencies are outperforming. The Scandies, in particular, and some parts of the Central and...

US President Donald Trump plans to impose 25% tariffs on all imports of steel and aluminium into the US but hasn't specified when the new duties would take effect. Gold extended to near a record on...