ING Economic and Financial Analysis

We think EUR/USD may break 1.10 next week before the US payrolls, as the dollar remains vulnerable despite some repricing of dovish Fed expectations.USD: Struggling to find supportThe dollar has...

While the Fed and Bank of England have provided hints that they are near the end of their hiking cycles, the European Central Bank's policy stance remains too easy for comfort in light of still-hot...

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...

Oil prices traded lower yesterday despite a fairly bullish EIA inventory report and Kurdish supply concerns lingeringEnergy - Kurdish oil flows still blockedThe oil market edged lower yesterday,...

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...

SVB reverberations continue. In the US, the FRA/OIS spread is at a tipping point and needs to calm to help generate wider calm. US financial conditions have tightened considerably as a consequence of...

The recent failure of two US banks, SVB and Signature, have understandably triggered a major re-appraisal of Fed tightening prospects. This has seen two-year EUR/USD swap rate differentials move to...

The commodities complex has been unable to escape the spillover from the SVB collapse, with large parts of the complex coming under pressure. Today’s US CPI print will be important for markets...

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....