ING Economic and Financial Analysis

Equity market futures are tentatively testing stability this morning, but DeepSeek’s knock-on effect on US tech valuations may be longer-lasting. The US dollar proved inefficient as a haven in the...

Commodity markets were unable to escape the sell-off that was seen in equities, while the threat of tariffs will not be helping sentiment Energy – Unable to Escape Risk-off Move Oil prices came under...

The US dollar has so far retraced about a quarter of its 10% run-up from late September. That has largely been a function of investors reducing the tariff risk premium embedded into the currencies of...

Tariff developments over the weekend have led to a stronger dollar this morning and weighed on large parts of the commodities complex Energy – Tanker Rates Ease Oil prices saw their first weekly...

The Bank of Japan delivered a well-telegraphed 25bp hike, but surprised markets on the hawkish side by materially raising its inflation forecasts. We expect two more hikes this year which can pave...

Oil prices traded lower yesterday after President Trump’s speech at the World Economic Forum, while European gas prices remain well supported given storage concerns Energy Oil prices came under...

Markets have continued to unwind US Dollar longs as US Treasuries had another strong session, and a delay in tariff announcements is fuelling some tentative optimism. That said, we could start to see...

Oil and base metals have come under pressure with the growing threat of tariffs Energy – Freeport Outage Sees TTF Surge The oil market’s attention is slowly turning away from US sanctions against...

The US dollar suffered a positioning squeeze yesterday as Trump fell short of announcing universal tariffs on day one. However, USD/CAD and USD/MXN are facing more downside risks as the new president...

The fact that trade policy did not feature prominently in President Donald Trump’s inauguration speech has triggered a decent correction lower in the US dollar. We cannot rule out a near-term...

Today, all eyes are on Donald Trump's inauguration as the 47th President of the United States. Financial markets are bracing for a flurry of executive orders ranging from immigration to energy and...

Markets may tread carefully today ahead of Monday’s inauguration of President Trump. There are lingering concerns about the “day one” measures, some of which are priced in, which could generate some...

Oil prices edged lower yesterday despite mounting supply risks related to sanctions Energy – Large US Natural Gas Storage Decline Oil prices traded weaker yesterday with ICE (NYSE:ICE) Brent falling...

Besides expecting another round of positive US activity data, today’s FX focus will be on the Senate confirmation hearing of Scott Bessent, Trump’s nominee for US Treasury Secretary. He will be...

Brent has broken above US$82/bbl. Falling US crude oil stocks and uncertainty over Russian oil supply following US sanctions continue to support prices Energy – US Crude Stocks Fall Oil prices...

The US PPI surprised on the soft side, but that does not mean today’s CPI will send similar upbeat signals. We expect a 0.3% MoM core print, which can offer a new round of support to the dollar. In...