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Biden to meet NATO leaders in Brussels

“The function of economic forecasting is to make astrology look respectable.” - John Kenneth Galbraith

 

 

HEADLINES

 

 

  • Putin wants 'unfriendly' countries to pay for Russian gas in roubles
  • Dollar climbs, euro dips, as Biden brings sanctions plan to Europe
  • Gold gains on concerns over Ukraine crisis, inflation
  • Oil futures climb as supply concerns linger
  • Wall Street pulls back on stocks, Treasury yields dip
  • AUDUSD Near Term: Upside favored

 

 

FOREX

 

 

Putin wants 'unfriendly' countries to pay for Russian gas in roubles

 

Russia will seek payment in roubles for gas sold to "unfriendly" countries, President Vladimir Putin said on Wednesday, and European gas prices soared on concerns the move would exacerbate the region's energy crunch.

 

Dollar climbs, euro dips, as Biden brings sanctions plan to Europe

 

The dollar climbed on Wednesday while the euro weakened as oil prices shot higher again with U.S. President Joe Biden poised to announce, alongside European leaders, new sanctions against Russia during his trip to Europe.

Biden is due to arrive in Brussels later on Wednesday on his first foreign trip since the war in Ukraine began, and will meet NATO and European leaders in an emergency summit at the Western military alliance's headquarters.

 

 

COMMODITIES

 

 

Gold gains on concerns over Ukraine crisis, inflation

 

Gold rose on Wednesday as unruly inflation and the intensifying Ukraine crisis fed demand for the safe-haven metal, although a firmer dollar and high bond yields put a lid on gains. The yellow metal had scaled record highs earlier in March but retreated sharply from those levels in the run-up to last week's Federal Reserve meeting. Prices have since moved into a more steady range as the market digested a more hawkish outlook from Fed policymakers.

 

Oil futures climb as supply concerns linger

 

Oil futures extended gains on Thursday morning, after sharply rising in the first portion of the week, as traders weighed additional supply disruptions following reports of storm damage at a major export terminal system on the Black Sea.

 

 

STOCKS

 

 

Wall Street pulls back on stocks, Treasury yields dip

 

Wall Street pushed stocks and Treasury yields down on Wednesday after both had powered higher earlier in the week as investors took in the strength of the economy and hawkish comments from U.S. policymakers.

Two-year U.S. Treasury yields have risen sharply so far in March and were set for their biggest monthly jump since 2004. Investors have been relatively sanguine about the implications of higher yields on stock market valuations, with many choosing to buy back in after a bruising few months for equity prices.

 

 

CHART

 

 

AUDUSD Near Term: Upside favored

 

Technical View: Long position above 0.741. Target 0.754. Conversely, break below 0.741, to open 0.737.

Comments: The pair breaks above the resistance.

Source: Trading Central
 

 

CALENDAR

 

 

*Times in GMT

 

Source: FX Street Economic Calendar


SOURCES

https://www.fxstreet.com/economic-calendar
https://www.reuters.com/business/global-markets-wrapup-1-2022-03-23/
https://www.reuters.com/business/energy/putin-says-russia-will-start-selling-gas-unfriendly-countries-roubles-2022-03-23/
https://www.reuters.com/business/improved-risk-sentiment-high-commodity-prices-help-aussie-hurt-yen-2022-03-23/
https://www.reuters.com/business/gold-steady-ukraine-worries-counter-bets-fed-rate-hikes-2022-03-23/
https://www.reuters.com/business/energy/oil-futures-climb-supply-concerns-linger-2022-03-24/

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