Daily Market Bulletin – 28 March 2022

Market Developments

Investors appeared edgy, as they process the Covid-19 situation in China and the war in Ukraine.

Over the weekend, US President Biden escalated his rhetoric over the weekend, saying that the Russian President "cannot remain in power" [1], after having after having called Mr Putin a "butcher" [2]. Secretary of State Blinken clarified on Sunday that "we do not have a strategy of regime change in Russia or anywhere else". [3]

Ukrainian President Zelenskyy appeared ready to discuss neutrality in the negotiations with Russia, saying that "the most important issues in the negotiations with Russia are security guarantees, neutrality and Ukraine's nuclear-free status". [4]

Chinese authorities announced 1,219 new local COVID-19 cases in mainland China on Sunday. 50 of them were in Shanghai [5] and the city announced tighter control measures according to China's Xinhua news agency [6].

CODA won Best Picture on Sunday's 94th Oscar awards. The Apple+ distributed film, beat out Netflix's Don't Look Up and The Power of the Dog. Netflix underwhelmed with one win, having gone into the ceremony with the most nominations.

ECB President Lagarde does not see risk of stagflation, commenting that "incoming data don't point to a material risk" in an interview on Phileleftheros [7].

Main Asia-Pacific stock markets were mixed and European futures are mostly cautious. On the FX space, the JPY Basket retreats, whereas the US Dollar advances.

Instruments Snapshot

EUR/USD starts the week on the back foot, testing 1.0950.

GBP/USD retreats towards 1.3100, after a mixed week.

USD/JPY extends its rally above 123.00, to the highest levels since December 2015.

USD/CAD is on the front foot, trying to move past 1.2500.

AUD/USD lacks firm direction above 0.7500.

NZD/USD is on the defensive, giving 0.6950 up.

GER30 trades with caution above 14,300.

US30 is tepid above 34,700.

USOIL loses around 3%, probing 109.00.

XAU/USD is under selling pressure, testing 1,935.

Economic Calendar Picks (GMT)

A busy week begins in a subdued manner, since there are no major economic releases scheduled for today. Overnight, markets will be looking to Australia's Retail Sales (00:30).

See the economic calendar here.

Nikos Tzabouras

Senior Market Specialist

Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.

With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.

References

1

Retrieved 28 Mar 2022 https://www.whitehouse.gov/briefing-room/speeches-remarks/2022/03/26/remarks-by-president-biden-on-the-united-efforts-of-the-free-world-to-support-the-people-of-ukraine/

2

Retrieved 28 Mar 2022 https://www.whitehouse.gov/briefing-room/speeches-remarks/2022/03/26/remarks-by-president-biden-after-meeting-with-ukrainian-refugees/

3

Retrieved 28 Mar 2022 https://www.state.gov/secretary-antony-j-blinken-and-israeli-foreign-minister-and-alternate-prime-minister-yair-lapid-at-a-joint-press-availability/

4

Retrieved 28 Mar 2022 https://www.president.gov.ua/en/news/prezident-denacifikaciya-ta-demilitarizaciya-ukrayini-na-per-73901

5

Retrieved 28 Mar 2022 http://english.www.gov.cn/statecouncil/ministries/202203/28/content_WS62412994c6d02e53353285c8.html

6

Retrieved 28 Mar 2022 https://english.news.cn/20220328/e48f13e6fcb643f2822b372e5ec079c6/c.html

7

Retrieved 01 Jul 2022 https://www.ecb.europa.eu/press/inter/date/2022/html/ecb.in220326~3f3d478120.en.html

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