Posted at 25 February 2022 / Categories Market Roundups
•US Jan Chicago Fed National Activity 0.69,-0.15 previous
•Canada Jan Manufacturing Sales (MoM) 1.3%,0.7% previous
•US Initial Jobless Claims 232K,235K forecast,248K previous
•US Jobless Claims 4-Week Avg 236.25K ,243.25K previous
•US Continuing Jobless Claims 1,476K,1,580K forecast, 1,593K previous
•US GDP Price Index (QoQ) (Q4) 7.2%,6.9% forecast,7.0% previous
•US GDP (QoQ) (Q4) 7.0%,7.0% forecast,6.9% previous
•US Jan New Home Sales 801K, 806K forecast, 811K previous
•US Jan New Home Sales (MoM) -4.5%,11.9% previous
•US Gasoline Inventories -0.582M,-1.450M forecast-1.331M previous
•US Crude Oil Inventories 4.515M,0.442M forecast,1.121M previous
• Looking Ahead Economic Data
•05:00 Japan Jan Leading Index (MoM) 1.7% previous
•05:00 Japan Jan Coincident Indicator (MoM) -0.2% previous
•05:00 Japan Jan Leading Index 104.3 previous
Looking Ahead - Events, Other Releases (GMT)
•No significant events
Currency Summaries
EUR/USD: The euro recovered ground from its earlier plunge on Thursday, after Russia’s invasion of Ukraine had hit the common European currency and sent investors scrambling to the safety of the dollar. Biden hit Russia with a wave of sanctions on Thursday after Moscow invaded Ukraine, measures that impede Russia's ability to do business in major currencies along with sanctions against banks and state-owned enterprises. The euro was last at $1.1196 having touched as low as $1.1106 , its lowest since May 2020, plunging from the $1.13045 at which it had finished on Wednesday. Immediate resistance can be seen at 1.1224(38.2%fib), an upside break can trigger rise towards 1.1273(50%fib).On the downside, immediate support is seen at 1.1166(23.6%fib), a break below could take the pair towards 1.1109(Daily low).
GBP/USD: Sterling fell against the dollar Thursday as investors rushed into safe-haven assets after Russia launched an all-out invasion of Ukraine by land, air and sea. Ukraine’s President Volodymur Zelenskiy said Kremlin leader Vladimir Putin’s aim was to destroy his state, while U.S. President Joe Biden and other Western leaders promised tough new sanctions in response.Safe-haven currencies such as the yen and U.S. dollar were in demand after Ukraine said Russia had launched a full-scale invasion while riskier currencies tanked. The pound fell 0.4% to 1.3484 against the dollar after hitting its lowest level since February 1 at $1.3464. Immediate resistance can be seen at 1.3404(38.2%fib), an upside break can trigger rise towards 1.3448(50%fib).On the downside, immediate support is seen at 1.3349(23.6%fib), a break below could take the pair towards 1.3275(Daily low).
USD/CAD: The Canadian dollar weakened to its lowest level since December against its U.S. counterpart on Thursday as Russia invaded Ukraine, triggering a flight to safety in global currency markets. The U.S. dollar jumped to its highest level in nearly two years, while Wall Street, bond yields and commodity markets had big intraday swings.The price of oil, one of Canada's exports, traded above $100 a barrel for the first time since 2014 before settling 0.8% higher at $92.81. The loonie was trading 0.5% lower at 1.2800 to the greenback , after touching its weakest intraday level since Dec. 22 at 1.2877. Immediate resistance can be seen at 1.2820(38.2%fib), an upside break can trigger rise towards 1.2875 (23.6%fib).On the downside, immediate support is seen at 1.2771 (50%fib), a break below could take the pair towards 1.2722 (61.8%fib).
USD/JPY: The dollar rose against yen on Thursday as investors fled risk assets and moved toward safe-haven assets. The dollar index rose 0.869% and was on pace for its biggest daily percentage gain since March 2020, when U.S, markets were in the throes of the first wave of the COVID-19 pandemic. The greenback reached a high of 97.740 against a basket of major currencies, its highest since June 30, 2020. The dollar rose 0.54% against Japanese yen at 115.45 per dollar. Strong resistance can be seen at 115.55(38.2%fib), an upside break can trigger rise towards 115.92(23.6%fib).On the downside, immediate support is seen at 115.27(50%fib), a break below could take the pair towards 114.96(61.8%fib).
Equities Recap
European stocks tanked on Thursday after Russia declared a war on Ukraine late Wednesday night and launched a full-scale invasion.
UK's benchmark FTSE 100 closed down by 3.88 percent, Germany's Dax ended down by 3.96 percent, France’s CAC finished the day down by 3.83 percent.
U.S. stocks ended sharply higher on Thursday, led by a 3% gain in the Nasdaq, in a dramatic market reversal as U.S. President Joe Biden unveiled harsh new sanctions against Russia after Moscow began an all-out invasion of Ukraine.
Dow Jones closed up by 0.28 percent, S&P 500 closed up by 1.58 percent, Nasdaq ended higher by 3.34 percent.
Commodities Recap
Gold slipped below the key $1,900 per ounce level on Thursday after U.S. President Joe Biden unveiled harsh new sanctions against Russia.
Spot gold fell 0.6% to $1,895.76 per ounce at 3:56 p.m. ET (2056 GMT), having earlier touched its highest level since September 2020 at $1,973.96.U.S. gold futures settled 0.8% higher at $1,926.30.
Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time since 2014 before easing, after Russia's attack on Ukraine exacerbated concerns about disruptions to global energy supply.
Global benchmark Brent crude rose $2.24, or 2.3%, to settle at $99.08 a barrel, after touching a high of $105.79.
U.S. West Texas Intermediate (WTI) crude rose 71 cents, or 0.8%, to settle at $92.81 a barrel, after earlier rising to $100.54.