Daily Market Bulletin – 1 April 2022
Market Developments
Investor appear cautious as they digest yesterday's inflation figures from the US, the energy spat between Russia and Western countries, while expecting new peace talks between Russia and Ukraine.
Russian President Putin announced on Thursday, that "unfriendly" countries must open Ruble accounts in Russian banks, in order to pay for gas imports, starting from April [1]. The move could disrupt the supply of energy, while Germany had triggered the Early Warning Level of its Emergency Plan for Gas on Wednesday [2].
US President Biden authorized the release of 1 million barrels/day for the next six months, from the Strategic Petroleum Reserve , while OPEC+ decided to increase output by 432K barrels per day (bpd) in May, marginally higher than the 400K bpd it had been adding up until now [4].
Chinese factory activity dropped to 48.1 in March (from 50.4 prior), as shown today by the Caixin Manufacturing PMI, with below-50 reading indicating contraction. On Thursday, the official NBS release had come in at 49.5.
The Fed's preferred inflation gauge, the Core Personal Consumption Expenditures, climbed 5.4% year-over-year in March – the highest level since April 1983.
Main Asia-Pacific stock markets were mostly lower following Wall Street, whereas European futures seem to be in a slightly better mood. On the FX space, the JPY Basket slides, the US Dollar is upbeat and Antipodeans (AUD, NZD) are cautious against the greenback.
Instruments Snapshot
EUR/USD remains soft and tests 1.1050, following Thursday's slide.
GBP/USD is cautious above 1.3100.
USD/JPY advances towards 112.50, after its four-day correction.
USD/CAD stays on the offensive above 1.2500.
AUD/USD is tepid below 0.7500.
NZD/USD extends yesterday's losses towards 0.6900.
GER30 trades with positive undertone around 14,400.
US30 consolidates above 34,800.
USOIL stays on the back foot, breaching 99.00.
XAU/USD shows indecision around 1,935, following two profitable days.
Economic Calendar Picks (GMT)
The US Jobs Report dominates today's calendar (12:30). The US Labor market has been recovery recently, with the report having showed the addition of 678K jobs in February.
Markets will also be looking forward to updated inflation figures form Eurozone, as the preliminary CPI reading for March is due at 09:00.
Other than that, we expect a series of PMIs from Germany (07:55), Eurozone (08:00), UK (08:30), Canada (13:30) and USA (13:45 & 14:00).
See the economic calendar here.
Nikos Tzabouras
Senior Financial Editorial Writer
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. With extensive experience in market analysis and a strong foundation in international relations, he brings a unique perspective to financial markets. Nikos emphasizes not only technical analysis but also on fundamentals and the growing influence of geopolitics on financial trends.
As a Senior Financial Editorial Writer, he delivers comprehensive and forward-looking insights across a wide range of asset classes, including equities, commodities, and currencies. His work explores how macroeconomic events, political developments, and global policies impact market dynamics, providing readers with a deeper understanding of both short-term movements and long-term trends.
References
| Retrieved 01 Apr 2022 https://www.youtube.com/watch | |
| Retrieved 01 Apr 2022 https://www.bmwk.de/Redaktion/EN/Pressemitteilungen/2022/03/20220330-bmwk-announces-early-warning-level-of-the-emergency-plan-for-gas-security-of-supply-still-ensured.html | |
| Retrieved 11 Apr 2026 https://www.opec.org/opec_web/en/press_room/6845.htm |
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed here.