ING Economic and Financial Analysis

OPEC+ meet later today to discuss their output policy for November. It is pretty clear that the group will need to cut at their meeting and expectations about the scale of the supply reduction are...

U.S. Dollar: Position Adjustment Dominates Tuesday saw a tremendous rally in risk assets, where European equities led the pack by gaining over 4%, high yield credit spreads narrowed 30bp+ and...

Markets are smelling blood in the water, but do they have enough evidence to price a policy turnaround? Not yet in our view. The BoE’s reluctance to buy gilts is a sign that it hasn’t...

Events in the UK yesterday marked the first time this stagflationary macro environment risked evolving into a financial crisis. Fortunately, the Bank of England intervened aggressively in the Gilt...

The U.S. dollar continues to power ahead. Over the last 24 hours, the focus has switched from the pound to the Chinese renminbi. Here, there are signs that authorities are acquiescing to a weaker...

US dollar strength and central bank tightening have weighed heavily on the gold market. And with further tightening expected there is room for more downside in the near term. However, the medium-term...

The move higher in the US Dollar has been unrelenting and this continues to weigh heavily on the commodities complex. Macro drivers remain firmly in the driving seat, while supply risks continue to be...

Unlike equity markets, where a fall of more than 20% from a peak is called a bear market, definitions in FX markets are somewhat looser. Suffice it to say that GBP/USD is the worst-performing G10...

The macro picture continues to weigh on the commodities complex and the hawkish FOMC meeting certainly hasn't helped. However, there are clear supply risks still facing the market following...

The Federal Reserve met expectations and hiked rates 75bp. With inflation proving to be far stickier than imagined, the Fed repeated that activity needs to slow much more with the door left wide open...

Price action across commodities is likely to be dictated by today's FOMC meeting. A 75 bps hike is likely priced in, but anything more aggressive could put further pressure on the complexEnergy: Macro...

We expect a 75bp rate hike by the Fed today, accompanied by a hawkish tone and Dot Plot projections which may show a terminal rate around 4.25-4.50%. We think this could keep risk sentiment fragile...

Markets have been trading in a fairly choppy manner, while sentiment remains relatively negative for risk assets. Participants will be focused on the Fed meeting later this week and expectations in...

The Swedish Riksbank today kicks off a busy week of central bank policy meetings, which should see chunky 75bp hikes in many countries. Central bankers pressing more firmly on the monetary brakes will...