Oil prices continued their slide and should promote the peak inflation narrative

MARKETS US equities slipped on Thursday as mixed earnings outlooks and more hawkish Fed official commentary offered little encouragement to investors

Still, market exhaustion and nonfarm payroll anticipation were common themes among markets during the reasonably quiet New York session on Thursday.

OIL The most meaningful read-through from this week is the oil markets’ newfangled predisposition to treat the bearish news as overly bearish

The deteriorating demand picture in the US seemingly justified the downswing despite OPEC’s reluctance to deploy strategic spare capacity.

FOREX Risk traded firm into the NY afternoon, assisting EM FX outperformance

In G10, GBP tumbled despite the Bank of England’s most significant rate hike of 50bp since 1995

The reasonably hawkish short-term guidance but retraced most of the move throughout the rest of the New York session