ING Economic and Financial Analysis

The oil market has steadied after falling for two consecutive sessions as the latest inventory numbers from the American Petroleum Institute (API) remain largely supportive. Natural gas rallied after...

We expect the Federal Reserve to deliver a consensus 25bp cut on Wednesday, but also to scale back on guidance for rate cuts next year. We think this will allow the US dollar to stay firm into...

European gas prices came under further pressure as ongoing discussions on Russian gas flows via Ukraine, stronger LNG imports and milder weather forecasts eased any immediate supply concerns. Other...

US Dollar has continued to buck seasonal depreciating trends thanks to a still-high short-term swap rate. We expect a wait-and-see approach today ahead of the last key central bank events of the year...

Crude oil is trading with marginal losses this morning after settling higher at the end of last week. Concerns over waning demand in China have largely overshadowed the threats of tighter US and...

The US dollar is largely holding onto gains as this week’s US inflation data has come in on the firm side and kept USD rates supported. EUR/USD bears have also survived the ECB test, where Christine...

Oil prices have been better supported recently on the back of reports that the US is potentially looking to impose further sanctions against Russia, which could target oil Energy – Sanctions Risk Oil...

As year-end fast approaches, central banks make their final monetary policy adjustments. Canada delivered a 50bp rate cut yesterday, while Brazil delivered a 100bp hike – because fiscal policy is too...

US core inflation posted a fourth consecutive 0.3% print, showing that progress towards the Fed inflation goal has clearly stalled. Nonetheless, the Fed’s favored measure of inflation is doing a...

The global Crude Oil market is set to return to surplus in 2025 despite OPEC+ extending supply cuts. This surplus should see prices trending lower next year. However, there are risks 2025 oil...

Gold has had a record-breaking rally this year, supported by the Fed’s easing cycle, central bank purchases and safe-haven demand amid heightened geopolitical and economic risks. We believe the...

The US dollar has come back bid this week. Any upside surprise to today’s US November core CPI number would trigger another leg higher in the dollar – as would only a 25bp rate cut from the Bank of...

We should see little action before a busier second half of the week in the US and eurozone. If anything, the dollar should see some support ahead of tomorrow’s inflation numbers. Inflation numbers in...

"Little reason to leave the US dollar now" After a brief sell-off on Friday’s US jobs report, the dollar has returned bid. Helping that trend is geopolitics (Korean markets remain unsettled) and a...

The week culminates in today’s November NFP jobs report. Given expectations of a bounce back after last month’s weather and strike-hit figure of +12k, the market now probably sees less than 200k as a...

A handful of OPEC+ members decided to extend supply cuts into next year and also slow the pace at which they will bring supply back onto the market. While this move reduces the scale of the surplus...