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USD/JPY hits 5-yr high ahead of Fed this week

"Amateurs think about how much money they can make. Professionals think about how much money they could lose." –Jack Schwager.

 

HEADLINES

 

  • Dollar hits five-year high vs yen, euro sags amid Ukraine uncertainty
  • Russian rouble hits new lows in volatile trading
  • Sterling rises vs euro, focus on economy, rate hike bets
  • Gold slips after Putin hints at progress in Ukraine talks
  • Oil settles up but posts biggest weekly decline since Nov
  • World shares fall on Ukraine conflict, looming U.S. rate hikes
  • CRUDE OIL Near Term: Downside favored

 

 

FOREX

 

Dollar hits five-year high vs yen, euro sags amid Ukraine uncertainty

 

 

The dollar rose on Friday, notching a five-year high against the safe-haven yen, while commodity-linked currencies slumped after Russian President Vladimir Putin said there had been some progress in talks between Moscow and Ukraine.

Putin said in a meeting with his Belarusian counterpart Alexander Lukashenko that there had been "certain positive shifts" in negotiations with Ukraine and that talks continued practically on a daily basis.

 

 

Russian rouble hits new lows in volatile trading

 

 

The Russian rouble slumped to new record lows against the dollar on Thursday though it closed the Moscow session little changed, after Fitch and Moody's downgraded Russia's sovereign debt to "junk" status, with steps by the central bank and finance ministry failing to halt its slide.

Russia's financial markets have been thrown into turmoil by sanctions imposed over its invasion of Ukraine, the biggest attack on a European state since World War Two. The stock market remains closed and trading volume on its sovereign debt has vanished.

 

 

Sterling rises vs euro, focus on economy, rate hike bets

 

 

Sterling rose against a weakening euro on Wednesday, with investors focusing on market bets on UK and euro zone rate hikes amid concerns about the economic impact of the war in Ukraine. The pound edged higher also versus a rising dollar while investors continued to rush into safe-haven assets.

 

 

COMMODITIES

 

 

Gold slips after Putin hints at progress in Ukraine talks

 

 

Gold retreated on Friday as safe-haven appeal for the metal dimmed after Russian President Vladimir Putin said there had been progress in talks with Ukraine, with the likelihood of a looming U.S. rate hike adding pressure to bullion.

 

 

Oil settles up but posts biggest weekly decline since Nov

 

 

Oil prices settled higher on Friday but posted their steepest weekly decline since November, as traders assessed potential improvements to the supply outlook that has been disrupted by Russia's invasion of Ukraine.

 

Crude prices have soared since the invasion, which Moscow calls a "special military operation."This week, futures benchmarks hit their highest levels since 2008, then pulled back sharply as some producing countries signalled they may boost supply.

 

 

STOCKS

 

 

World shares fall on Ukraine conflict, looming U.S. rate hikes

 

 

World shares slid on Friday, pressured by uncertainty about the conflict in Ukraine and expectations the Federal Reserve will hike U.S. interest rates next week.

The Nasdaq and the S&P 500 fell, weighed down by tech and growth stocks. Oil prices settled up for the day but down for the week in volatile trading. Investors kept their focus on Ukraine, where Russian forces bearing down on Kyiv regrouped northwest of the capital.

 

 

CHART

 

 

CRUDE OIL Near Term: Downside favored

 

 

Technical View: Short position below 114. Target 104. Conversely, break above 114, to open 117.

Comments: The pair is expected to resume descent after correction.

Source: Trading Central
 

CALENDAR

 

 

*Times in GMT

 

 

Source: FX Street Economic Calendar


Footnotes
https://www.fxstreet.com/economic-calendar
https://www.reuters.com/markets/europe/dollar-hits-5-year-high-yen-euro-pressured-by-growth-risks-2022-03-11/
https://www.reuters.com/markets/europe/global-markets-wrapup-1-pix-2022-03-11/
https://www.reuters.com/markets/deals/russian-rouble-slides-further-after-ratings-downgrades-2022-03-03/
https://www.reuters.com/world/uk/sterling-edges-higher-vs-euro-focus-repricing-rate-hikes-2022-03-02/
https://www.reuters.com/business/energy/oil-crawls-higher-supply-doubts-heads-sharp-weekly-decline-2022-03-11/