ING Economic and Financial Analysis

The US dollar revealed its vulnerability during Friday afternoon’s FX trading. The fear remains that this year’s hike in US tariffs will eventually show up in hard data and once again...

Seemingly defying a backdrop of high uncertainty even by the ECB’s own accounts, volatility in markets continues to decline. On the surface, it may look like complacency. But a perceived limited...

Henry Hub natural gas extended declines in the early trading session today following higher US natural gas inventory injections over the last week. Total gas stockpiles continue to float above the...

Markets are quite clearly rethinking popular short-USD trades, but further gains may prove harder to sustain unless markets start to price out Fed easing. With the US CPI report reportedly being...

We have revised our gold forecast higher. AgainGold Hits Historic $4,000/ozGold surged past $4,000/oz for the first time ever on 8 October, as concerns over the US economy and a government shutdown...

The standout FX move over the last month has been the spike in USD/JPY above 150. Here, the market is speculating that a renewed bout of reflationary policy will weigh on the yen. While we’re...

So far, US tariffs have not been as impactful as feared, giving more time for disinflationary pressures from weaker wage growth and housing rents to flatten CPI projections. This has given the Federal...

Oil prices are set to come under pressure due to a significant surplus next year, and European natural gas prices are also set to fall as new LNG export capacity ramps upFurther OPEC+ Supply Sees Oil...

In the absence of US data, FX markets have largely focused on French and Japanese politics, plus surprise rate cuts in New Zealand and Poland. There is also the fallout from the First Brands...

Recent headlines from France offer cautious optimism, with markets showing unexpected resilience despite domestic turmoil and broader uncertainties like the US shutdown. In European bonds, recouping...

Spot gold extended its rally to top $4,000/oz for the first time this morning, as concerns over the US economy and a government shutdown boost demand for safe havensMetals - Gold Breaks Above...

The US dollar continues to rally, with political events in France and Japan weighing on the two largest components of US Dollar Index (DXY) – EUR and JPY. Today’s deadline to form another...

We doubt markets expect the French prime minister to find a solution by Macron’s imposed deadline. With little else to work with, supply pressures might be leading on Wednesday. Overall, euro...

December futures in New York, the most active contract, surpassed $4,000 for the first time as the US federal government shutdown dragged on into its second week. December futures in New York, the...

Natural gas prices in Europe reported their biggest daily gain since mid-June amid supply risks and favourable weather forecasts. Meanwhile, Saudi Arabia left the price of its main crude oil grade for...

The spreads on French government bonds widened on the news of another fallen prime minister, but remain below previous peaks. We see many paths to further widening as the political landscape is...