ING Economic and Financial Analysis

This is the first BRICS summit since Egypt, Ethiopia, Iran, and the UAE joined the bloc earlier this year. Among many things on the agenda is the issue of reducing reliance on the US dollar in...

USD: Beige Book is probably the biggest threat to the dollar FX markets seem to be positioning for a Trump victory in next month's US presidential election. October seems to have been a good month...

Metals – Gold breaks above $2,700 for first time Gold broke above $2,700/oz for the first time amid concerns over escalating tensions in the Middle East and ahead of the US election. Traders are...

The luxury of labour hoarding is coming to an end in the eurozone as corporate profits dwindle. And that’s going to mean wage growth will ease, unemployment will tick up and we’ll see more...

Crude oil is trading flat this morning as the market remains cautious amid the developing situation in the Middle East, although demand concerns remain. Meanwhile, a constructive report by the...

As we had expected, the BoJ raised its policy rate to 0.25% and announced the JGB purchases would be halved by 1Q26. The growth outlook was trimmed modestly for FY24 while the inflation outlook...

Eurozone data continues to challenge the European Central Bank, with German economic contraction and sticky CPI complicating matters. Meanwhile, the Germany 10-Year-United States 10-Year spread has...

Crude oil traded higher this morning on rising geopolitical conflicts in the Middle East. A constructive API report also further helped to lift sentiment in the oil market Energy – Oil risk Premium...

With favorable economic data providing officials with greater confidence that US inflation is moving steadily along the right path, we think that Wednesday’s FOMC meeting should offer a clearer hint...

The big question for FX markets is whether July’s sharp correction is over. We think events tomorrow (Bank of Japan and Fed meetings) will have a big say. Before then, US JOLTS and consumer...

Brent broke below $80/bbl for the first time since early June as demand concerns linger Energy – Brent Tumbles Below $80/bbl Oil prices have come under further pressure as bearish sentiment has hit...

The BoC cut rates by 25bp to 4.50% and signalled more cuts are likely on the way. The BoC-Fed policy rate gap is at the widest since 2007 (100bp) and markets are doubting a September cut...

Oil prices have come under pressure due to lingering demand concerns, while the copper market has weakened further on the back of rising inventories Energy – Russian Crude Transit Issues Oil prices...

Oil prices continue to trade in a range. Chinese demand concerns continue to cap prices, while Canadian supply risks have reinforced the floor for the market Energy – Canada Wildfire Risk Grows The...

A second 25bp cut is on its way The Bank of Canada kicked off its easing cycle at the 5 June meeting and our sense in the wake of that decision was it would follow up with a further 75bp of rate cuts...

We could see pressure building for additional monetary tightening in some APAC economies in the coming week. Meanwhile, North Asia (ex-China) delivers the monthly activity data dump which should show...