ING Economic and Financial Analysis

Financial markets are ending the week a little calmer. Traded US equity volatility has dropped back to 'Liberation Day' levels and some modest gains in global stock markets have seen the US dollar...

Scott Bessent and President Trump have delivered two consecutive days of positive headlines for US assets and the US dollar – from de-escalations with China, to a less aggressive stance on the Fed,...

Growing disagreements between OPEC+ members have oil sitting out the broader risk-on move seen across financial markets as tariff tensions ease. Energy – OPEC+ Struggles While a risk-on move lifted...

The US dollar is enjoying some support thanks to a recovery in US market sentiment. At the moment, no other G10 currency has a higher beta than the dollar to US trade news, and Treasury Secretary...

Risk assets staged a recovery yesterday amid growing hopes for a de-escalation in US-China trade tensions. President Donald Trump also eased concerns that he might fire Federal Reserve Chair...

The US dollar is facing renewed pressure on Fed independence fears, which threaten one of the foundations of the dollar’s value as a reserve currency. Downside risks have increased for USD, even...

Gold prices surged to fresh highs amid concerns about the US Federal Reserve’s independence. Oil and other risk assets, however, are under pressure amid heightened global uncertainty Metals -- Gold...

At the press conference following the 25bp rate cut decision, European Central Bank President Christine Lagarde showed an increased sense of urgency in light of ongoing trade tensions and increased...

A hawkish Powell failed to lift the US dollar yesterday, as the currency market remains heavily focused on risk asset relative performance. EUR/USD remains in a prime position to benefit from the...

FX markets are a little calmer, but traded volatility levels remain elevated. What interests us today is the February Balance of Payments data in the eurozone and the Bank of Canada rate decision....

The modest rebound in US equities yesterday shows markets remain jittery despite China tariff exemptions. The US dollar has failed to rebound despite a recovery in Treasuries; we doubt the confidence...

The ramifications of a global trade war are broadly negative for emerging and commodity-linked currencies. Liquid reserve currencies backed by large surpluses are likely to outperform. And we are now...

Commodity markets are under significant pressure amid tariff threats. Uncertainty over how tense things could get is clouding the demand outlook. We’ve cut our forecasts Oil Market Hit With Demand...

Crude Oil prices rose marginally yesterday despite OPEC trimming demand estimates. ICE Brent settled just below US$65/bbl. The market is digesting fast-moving policy developments on the tariff front...

It's early days, but conditions in FX markets look like they're settling a little as the Easter holiday approaches. The US dollar continues to trade on a weak footing, and we wonder whether currency...

The oil market is quiet in early morning trading today after settling lower for a second consecutive week last week. News that the Trump administration is offering tariff exemptions on certain...