ING Economic and Financial Analysis

Inflation, the Fed and political pressures will dominate the United States' economic trajectory next year1. Inflation to stay above 3% throughout 2022Supply chain strains, labour market shortages and...

Commodity prices should moderate in 2022 after an extraordinary year for markets; the post-pandemic recovery and numerous supply issues boosted prices. We now think we'll see better supply and demand...

Risk assets were back under pressure Tuesday, with markets awaiting updated information on the vaccine coverage against Omicron. The discussion was shifting towards monetary policy as markets priced...

Despite some stabilization, market sentiment is likely to remain shaky into the year-end. The Omicron variant adds to other factors capping bond yields over the coming weeks. The ECB seems relaxed...

EnergyFollowing the heavy sell-off on Friday, the oil market had a relief rally on Monday. At one stage, Brent crude managed to trade almost 6% higher. But in the end, it finished only about 1%...

Market sentiment has been hit by the news that a new COVID variant was spreading in Southern Africa. While we await more information on the new strain, the oversold JPY was getting a major lift and...

EnergyWhile the oil market now has some clarity around the coordinated SPR release, there is still plenty of uncertainty around how OPEC+ may react to a number of key consumers releasing stocks onto...

The minutes of the ECB's October meeting didn’t contain any big surprises, though it's worth mentioning that it now takes into account the possibility of higher medium-term inflation,...

Central bankers continue to poke the bond market bear. They are right to highlight a wide range of outcomes but it is the hawkish message that resonates the most with markets. Things should accelerate...

The $1.2tn infrastructure bill is a first step toward putting ambitious climate goals into policy and will accelerate the US’s clean energy transition, but alone it won’t be enough to...

The dollar’s appreciation in November still hasn’t emerged in CFTC FX positioning data that continues to show most G10 currencies’ net positions rising against USD. EUR positioning...

It's hard to pinpoint a clear central theme for FX in 2022. The Fed lift-off should help the dollar, but not across the board. Commodity currencies are still favored, but some more than others. And...

Pandemics and financial crises aside, exchange rates typically can be seen as an extension of monetary policy. They reflect whether central bankers want to hit the accelerator or the brakes. In 2022...

Here's our full FX forecasts for EUR and USD cross rates in 2022.EUR And USD Cross Rates Disclaimer: This publication has been prepared by ING solely for information purposes irrespective of a...

Banks issued a record amount of EUR bonds this year, financing loans with dedicated environmental or social purposes. Helped by the strong demand for ESG-related investment opportunities, these bonds...

US consumer confidence is being threatened by the rising cost of living. Thankfully the relationship between spending and sentiment has been weak for a number of years and the strong underlying...