ING Economic and Financial Analysis

The US dollar has given up all its gains for the week as soft data and US earnings seem to be casting doubts on the notion of US exceptionalism. The USD/JPY is the big winner, receiving extra help...

The standout move in overnight FX markets has been the drop in USD/JPY close to 150 as traders get excited about another hike from the Bank of Japan. Expect USD/JPY to stay offered today before...

The EU agreed on a 16th sanctions package against Russia, which includes a ban on aluminium imports and additional curbs on Russian vessels Energy – EU Sanctions Russian Vessels Supply uncertainty...

Markets continue to carefully assess the implications of Russia-US talks, but we are observing an emerging trend of euro underperformance linked to Trump’s growing isolationism against EU allies....

Despite the start of talks between the US and Russia, oil prices edged higher with supply risks dominating the market Energy Supply Uncertainty The Crude oil market appears to have found some support...

Should Russia and Ukraine ultimately reach a peace deal, the US dollar is probably due another moderate correction – but for now, markets are lacking tangible bearish USD drivers and we think the...

Oil prices are under pressure this morning with talk of a potential restart in oil exports from Iraq’s Kurdistan region Energy Despite the downward pressure on oil prices through much of last week,...

The threat of tariffs on copper imports to the US has driven the difference between the CME copper contract price and the LME to record highs A Tariff Bost The markets are already pricing in tariffs...

If Thursday was the 'Big Day' for US reciprocal tariffs, you wouldn't have known it by looking at the global equity rally or the slightly softer US dollar. The benign impact on markets of yesterday's...

Oil prices continued to decline in early trading following reports of upcoming negotiations between the US and Russia to end the war in Ukraine. Meanwhile, OPEC has maintained its global oil demand...

European currencies received a lift late yesterday following an update from Donald Trump that he'd had productive discussions with Vladimir Putin about a ceasefire in Ukraine. The rally may have a...

US inflation came in well ahead of expectations, prompting the market to dramatically reprice the prospect of rate cuts. Potential tariffs add upside risk to inflation in coming quarters, but there...

With Trump ordering a 25% import tax on all steel and aluminium entering the US, trade tensions are inching closer to Europe. We take a closer look at how European policymakers could react. Spoiler...

The oil market traded under pressure after rising for three consecutive sessions as the latest inventory numbers from the American Petroleum Institute (API) remain largely bearish. The market awaits...

After 100bp of rate cuts, Fed Chair Powell suggests policy remains restrictive – even if inflation remains elevated they will merely “maintain” policy restraint for longer. This indicates an...

President Trump has signed an executive order imposing an additional 25% tariff on steel and aluminium imports into the US, effective March 12, 2025. With four weeks until the tariffs take effect,...