ING Economic and Financial Analysis

Gold is one of the best-performing major commodities this year, up more than 14% year-to-date. President Trump’s unpredictable trade policy has been the key driver for gold so far in 2025. We see...

The week started with another US data disappointment, as softer-than-expected retail sales added to worries about a deteriorating consumer picture. Today, geopolitical developments are in focus as...

Tensions in the Middle East have resurfaced, supporting oil prices. The market is also watching closely the outcome of talks between Donald Trump and Vladimir Putin Energy - Geopolitical Risks...

There are visible signs of disagreement at the Bank of England on the pace of rate cuts required this year. But with wage growth and inflation remaining sticky, we expect the Bank to keep rates on...

Risk assets are a little calmer at the start of a new week. US Treasury Secretary Scott Bessent has tried calming some nerves by calling equity corrections healthy. But a combination of US activity...

The big news over the last month has been European leaders embracing fiscal stimulus. The prospect of looser eurozone fiscal policy and relatively tighter ECB policy (we now think the terminal rate...

Oil prices came under greater pressure yesterday amid a broadening risk-off trend and bearish news from the International Energy Agency Energy – Surplus environment Oil prices couldn’t...

EUR/USD is drifting lower as the market mulls the whole host of inputs currently in play. The one-month EUR/USD risk reversal, marking the cost of a euro call option over an equivalent put option, is...

Despite a cooler-than-expected US core CPI print yesterday, the US dollar is recovering some ground. The focus now shifts to PPI figures today as well as the discussion within the Senate to approve a...

Oil prices bounced higher yesterday on a constructive weekly inventory report from the Energy Information Administration Energy – Kazakhstan Oil Production Surges Oil prices strengthened yesterday...

A weaker US dollar provided some support to the commodities complex yesterday. However, markets remain sensitive to external developments Energy – EIA Reduces Oil Surplus Estimates Despite the...

After a week when FX markets were very much dominated by events in Europe, focus this weeks shift to China. Chinese retaliatory trade measures against US agricultural goods have come into effect and...

Oil prices started the week under pressure as Saudi Arabia cut prices and deflationary signals from China hurt sentiment Energy - Saudis Cut Crude Prices Downward pressure on US equities last week...

This week's FX price action has been dominated by two stories: the re-rating of the euro (EUR/USD) on the back of looser fiscal and tighter monetary policy expectations and the weaker US...

EUR/USD is trading at 1.08 following gargantuan moves in European yields. At the current level, the pair is only 1.2% overvalued in our calculation, and we’d be cautious to pick a top before the ECB...

Energy prices remain under pressure amid demand concerns, while copper prices get a boost from tariff uncertainty Energy- Brent Breaks Below $70/bbl Sentiment remains negative in the oil market, with...