Daily Market Bulletin – 16 March 2022
Market Developments
Investors appear optimistic, helped by positive news from China and Mr Zelenskyy's upbeat comments, as they prepare for the Fed's monetary policy decision later today.
The financial stability and development committee under China's State Council met today and urged "measures to keep the country's major economic indicators within an appropriate range and maintain stable operation of the capital market", as per the press release on Chinese new agency Xinhua[1]. It also stressed that relevant authorities should "actively introduce market-friendly policies", helping sentiment in Asia.
Chinese health authorities reported today 1,860 new local Covid-19 cases (plus 92 imported) on March 15, down from 3,507 infections in the previous day [2]. Authorities also stuck to the zero-COVID policy to combat the infections. [3]
Russian President Putin noted that Kiev is not showing a serious commitment to finding mutually acceptable solutions, during yesterday's phone call with President of the European Council Charles Michel. [4].
Ukrainian President Zelenskyy on the other hand, sounded more upbeat, saying that "As I am told, the positions in the negotiations sound more realistic" [5], renewing optimism for a solution.
Main Asia-Pacific stock markets rallied and their European peers open higher. On the FX space, the JPY Basket extends its decline and the US Dollar is soft, while Antipodeans (AUD, NZD) advance against both.
Instruments Snapshot
EUR/USD tries to stay in profits above 1.0950, after its two-day rebound.
GBP/USD shows indecision around 1.3050, following yesterday's rebound.
USD/JPY retains its positive undertone, trying for new five-year highs (118.44).
USD/CAD extends yesterday's decline, testing 1.2750.
AUD/USD is upbeat and retakes 0.7200.
NZD/USD is constructive above 0.6750.
GER30 gains more than 2%, trying to take 14,300 out.
US30 is on the offensive, breaking above 33,700.
USOIL rebounds after its two-day slump, testing 99.00.
XAU/USD is cautious, probing 1,915.
Economic Calendar Picks (GMT)
Today's docket is dominated by the Fed monetary policy decision (18:00), with the bank projected to raise interest rates for the first time since 2018. Markets will also be looking at the updated dot-plot and of course, Chair Powell's press conference at 18:30.
Other than that, US Retail Sales and Canada's CPI Inflation are due at 12:30.
Overnight, focus will shift to New Zeeland's Q4 GDP (21:45) and Australia's Employment report (00:30).
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 16 Mar 2022 https://english.news.cn/20220316/74bf60c2d79645ac9d9986630c726b61/c.html | |
| Retrieved 16 Mar 2022 http://en.nhc.gov.cn/2022-03/15/c_85887.htm | |
| Retrieved 16 Mar 2022 http://english.www.gov.cn/statecouncil/ministries/202203/15/content_WS6230902ec6d09c94e48a6b0b.html | |
| Retrieved 16 Mar 2022 http://en.kremlin.ru/events/president/news/67992 | |
| Retrieved 11 Apr 2026 https://www.president.gov.ua/en/news/opir-stijkist-ta-horobrist-nashih-zahisnikiv-dayut-zmogu-zbe-73589 |
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