- Americans barred from engaging in any transaction involving Russia’s central bank
- That applies to Russia’s national wealth fund or ministry of finance
- Issues general license to authorise certain energy-related transactions with CBR despite sanctions
Articles
US issues sanctions against Russian central bank
207732 February 28, 2022 20:33 Forexlive Latest News Market News
- US announces further sanctions against Russia
Full Article
G7 leaders to hold call with NATO on Ukraine at 1615 GMT
207731 February 28, 2022 20:26 Forexlive Latest News Market News
As tensions continue to flare in Ukraine, expect these calls and meetings to be more frequent as well. We’ll see what their appetite is to try and punish Russia more but so far, it doesn’t seem like Putin is keen on backing down. That said, we’ll see how talks go in Belarus as well – which are currently ongoing.
Full Article
Mexico Jobless Rate s.a declined to 3.6% in January from previous 4%
207730 February 28, 2022 20:09 FXStreet Market News
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India Infrastructure Output (YoY) came in at 3.7% below forecasts (6.9%) in January
207729 February 28, 2022 20:09 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
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ForexLive European FX news wrap: Currencies look to chew through the dollar gap
207728 February 28, 2022 20:05 Forexlive Latest News Market News
Headlines:
Markets:
- CHF leads, EUR lags on the day
- European equities lower; S&P 500 futures down 1.5%
- US 10-year yields down 7.1 bps to 1.913%
- Gold up 1.1% to $1,907
- WTI up 4.2% to $93.64
- Bitcoin down 1.7% to $38,349
Russia-Ukraine war clouds are hanging over markets to start the week, with a negative risk tone observed amid sanctions on Russian banks and its central bank. The moves were aimed to destabilise the ruble and it did, even with the CBR responding by hiking its key rate from 9.5% to 20% at the start of the session. USD/RUB climbed by over 30% at one point to 110 before reversing lower to 94 levels at the moment.
After a nervous opening, major currencies are showing less signs of distress as commodity currencies roar back with AUD/USD climbing up from 0.7155 to 0.7220 and NZD/USD from 0.6658 to 0.6740. USD/CAD also trimmed gains from 1.2810 to 1.2735 before keeping around 1.2750 currently.
The pound also saw a solid reversal, closing its opening gap lower from 1.3315 to 1.3410. Meanwhile, the euro managed to shed some of its major drop earlier in the day with a push from 1.1123 to 1.1232 before settling closer to 1.1200 now.
Elsewhere, equities are still marked lower but are at least less subdued than in Asia trading. S&P 500 futures have trimmed declines of around 2.5% earlier to around 1.5% as we await Wall Street to enter the fray.
Russia-Ukraine talks in Belarus are still giving hope for something more constructive in the next day or so but we’ll see where that takes us and how that will impact risk sentiment next.
Full Article
South Africa Trade Balance (in Rands) dipped from previous 30.14B to 3.55B in January
207727 February 28, 2022 20:05 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
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The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Mexico Jobless Rate came in at 3.7% below forecasts (4.1%) in January
207726 February 28, 2022 20:05 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
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ECB’s Panetta: Russian invasion of Ukraine intensifying uncertainty
207725 February 28, 2022 19:49 FXStreet Market News
“Faced with such uncertainty, there is a case for the central bank to accompany the recovery with a light touch,” European Central Bank (ECB) policymaker Fabio Panetta said on Monday, per Reuters. “The ECB should take moderate and careful steps in adjusting policy, so as not to suffocate the as yet incomplete recovery,” Panetta added.
Additional takeaways
“We will take any measures necessary, using all our instruments to shore up confidence and stabilise financial markets.”
“The dramatic conflict in Ukraine is now weighing negatively on both supply and demand conditions exacerbating risks to the medium-term inflation outlook on both sides.”
“Inflation outlook has pitfalls on both sides.”
“In this environment, it would be unwise to pre-commit on future policy steps until the fallout from the current crisis becomes clearer.”
“We should adjust policy carefully and recalibrate it as we see the effects of our decisions, so as to avoid suffocating the recovery and cement progress towards price stability.”
“ECB stands ready to act to avoid any dislocation in financial markets that could stem from the war in Ukraine and to protect the transmission of monetary policy.”
“Russian invasion of Ukraine is now intensifying this uncertainty.”
“We need to be certain that removing accommodation too suddenly will not trigger market turmoil.”
“Would be imprudent to move further until we have strong confirmation that both actual and expected inflation is durably re-anchoring at 2% in a world of tighter financing conditions.”
“If we respond to a false signal and react to a rise in inflation that might not be lasting, we could suffocate the recovery.”
“Inflation outlook is stronger today than it was before the pandemic.”
“Labour market is not looking excessively tight.”
“Danger of high inflation becoming entrenched seems contained at the moment.”
Market reaction
The shared currency showed no reaction to these comments and was last seen rising 0.5% on the day at 1.1211.
Full Article
Gaps that do not close within 3-4 hours are a sign of continuation, dollar, gold to remain strong
207724 February 28, 2022 19:49 FXStreet Market News
- Weekend gaps can open amid low liquidity and weak liquidity.
- Those that remain open for longer, imply continuation.
- At this point, only a positive twist in events can change the dollar’s upward trajectory.
What happens to all the gaps? Will we see mitigation or continuation?
*Note: This content first appeared as an answer to a Premium user. Sign up and get unfettered access to our analysts and exclusive content.
The rule of thumb is that when gaps remain open for over 3-4 hours, they are meaningful and continuation is the name of the game. Why? Trading in the first hours of weekly trading is concentrated only in New Zealand and Australia, which are smaller markets. At the same time, it is still Sunday night in Europe and Sunday afternoon in the US. A small number of orders can trigger significant moves in markets, often reflecting panic and uncertainty.
When Tokyo joins in, volume substantially rises, and some of the moves come undone if investors are unsure about the magnitude of the move. When European traders join the scene, liquidity is already elevated, and more news about the reason that caused the abrupt move in markets.
However, if the gap persists beyond these initial hours, it implies that there is a good reason for the move and that there is room for continuation. The gap may close later on, but only in response to fresh news that alters the picture.
In the case of Russia’s invasion of Ukraine and the weekend developments 0 Putin’s move to raise nuclear readiness, severe Western sanctions on SWIFT, etc. the open gap is a sign of more to come. Investors are set to continue their flight to safety, selling stocks and buying bonds. In turn, gold is set to remain bid as returns on Treasuries are depressed.
The US dollar will likely remain in high demand – cash is king in times of trouble and the greenback is the king of cash.
What can alter the situation? Russia and Ukraine are holding talks, with Kyiv demanding an instant withdrawal of invading troops and Moscow seeking surrender. All analysts examining these positions foresee a failure to halt the fighting. However, if some sort of ceasefire is agreed upon, the mood would be substantially altered, sending gold and the dollar down.
Full Article
Portugal Consumer Price Index (YoY) rose from previous 3.3% to 4.2% in February
207723 February 28, 2022 19:40 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
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The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Ireland Retail Sales (MoM) climbed from previous -3.2% to -1.5% in January
207722 February 28, 2022 19:40 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
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The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Portugal Consumer Price Index (MoM) climbed from previous 0.3% to 0.4% in February
207721 February 28, 2022 19:35 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
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