Posted at 22 February 2022 / Categories Market Roundups
Market Roundup
• Italian Jan CPI (MoM) 1.6%,1.6% forecast,0.4% previous
•German Feb Ifo Business Climate Index 98.9,96.5 forecast, 95.7 previous
•German Feb Current Assessment 98.6,96.6 forecast,96.1 previous
•German Feb Business Expectations 99.2, 96.1 forecast,95.2 previous
•UK Feb CBI Industrial Trends Orders 20, 25 forecast, 24 previous
Looking Ahead Economic Data (GMT)
•13:45 Canada ADP Nonfarm Employment Change 19.2K previous
•14:00 US Dec House Price Index (MoM) 1.1% previous
•14:00 US Dec S&P/CS HPI Composite - 20 s.a. (MoM) 1.1% forecast, 1.2% previous
•14:00 US Dec House Price Index 362.4 previous
•14:00 US Dec S&P/CS HPI Composite - 20 n.s.a. (YoY) 18.0% forecast,18.3% previous
•14:45 US Feb Services PMI 53.0 forecast, 51.2 previous
•14:45 US Feb Markit Composite PMI 51.1 previous
•14:45 US Feb Manufacturing PMI 56.0 forecast,55.5 previous
•15:00 US Feb CB Consumer Confidence 110.0 forecast,113.8 previous
•15:00 US Feb Richmond Manufacturing Shipments 14 previous
Looking Ahead - Events, Other Releases (GMT)
•No events ahead
Fxbeat
EUR/USD: The euro rose against dollar on Tuesday as investors focus shifted to monetary policy tightening expectations which overshadowed concerns about an escalating crisis over Ukraine.Euro zone money markets showed investors scaled back their expectations for European Central Bank moves in 2022 but still forecasting several rate hikes. They priced in an around a 95% chance of a 10 basis point (bps) rate hike in July and one of 40 bps by year-end. On the data front, German business morale improved in February, despite the Ukraine crisis, as businesses hope for an end to the coronavirus crisis, also boosting euro .Immediate resistance can be seen at 1.1348(5 DMA), an upside break can trigger rise towards 1.1362 (61.8%fib).On the downside, immediate support is seen at 1.1326(50%fib), a break below could take the pair towards 1.1290 (38.2%fib).
GBP/USD: The British pound edged lower on Tuesday as investors fled to the relative safety of government debt and the low-yielding Swiss franc after Russian President Vladimir Putin ordered troops into two breakaway regions of eastern Ukraine. The United States and its European allies are poised to announce harsh new sanctions against Russia after Putin formally recognised the breakaway regions in eastern Ukraine, escalating a security crisis on the continent. The pound tumbled as much as 0.3% versus the greenback, but subsequently trimmed losses to stand down 0.34% on the day at $1.3547.Immediate resistance can be seen at 1.3621(38.2%fib), an upside break can trigger rise towards 1.3658(Higher BB).On the downside, immediate support is seen at 1.3538(50%fib), a break below could take the pair towards 1.3457(38.2%fib).
USD/CHF: The dollar strengthened against the Swiss franc on Tuesday as escalating Russia-Ukraine tensions deepened fears of a new war in Europe, boosting demand for dollar. President Vladimir Putin ordered the deployment of troops to two breakaway regions in eastern Ukraine after recognising them as independent, drawing international condemnation with the West set to announce new sanctions against Russia. Investors expect central banks to delay their exit plans from pandemic monetary stimulus until a diplomatic solution of tensions over Ukraine is in sight. Immediate resistance can be seen at 0.9208(50%fib), an upside break can trigger rise towards 0.9219 (9DMA).On the downside, immediate support is seen at 0.9182 (38.2% fib), a break below could take the pair towards 0.9149 (23.6%fib).
USD/JPY: The dollar strengthened against yen on Tuesday as Europe's eastern flank stood on the brink of war after Russian President Vladimir Putin ordered troops into breakaway regions of eastern Ukraine. Putin on Monday recognised two breakaway regions in eastern Ukraine as independent and ordered the Russian army to launch what Moscow called a peacekeeping operation into the area, upping the ante in a crisis that could unleash a major war. Washington and European capitals condemned the move, vowing new sanctions. The dollar was last trading 0.32 percent higher versus the Japanese yen at 115.12 .Strong resistance can be seen at 115.20(50%fib), an upside break can trigger rise towards 115.48(61.8%fib).On the downside, immediate support is seen at 114.87(38.2%fib), a break below could take the pair towards 114.49(23.6%fib).
Equities Recap
European shares hit a seven-month low in early trade on Tuesday, as the prospect of economic sanctions against Russia, which has ordered troops into breakaway parts of eastern Ukraine, rattled investors..
At (GMT 13:44 ),UK's benchmark FTSE 100 was last trading up at 0.23 percent, Germany's Dax was down by 0.23 percent, France’s CAC finished was down by 0.03 percent.
Commodities Recap
Gold retreated below the $1,900 mark on Tuesday as equities pared losses despite an escalation in the Ukraine crisis that pushed safe-haven bullion to its highest in almost nine months in early trade.
Spot gold fell 0.6% to $1,895.02 an ounce by 1206 GMT, having hit its highest since June 1 at $1,913.89. U.S. gold futures fell 0.3% to $1,894.70.
Oil prices rose to their highest since 2014 on Tuesday after Moscow ordered troops into two breakaway regions in eastern Ukraine, adding to supply concerns that are pushing prices towards $100 a barrel.
Brent crude , the global benchmark, was up $2.24, or 2.4%, at $97.63 by 1250 GMT, having earlier reached its highest since September 2014 at $99.50.
U.S. West Texas Intermediate (WTI) crude jumped by $2.92, or 3.2%, from Friday to $93.99.