Daily Market Bulletin – 14 February 2022

Market Developments

Investors are cautious as they monitor the situation in Ukraine, following late-Friday intense risk-off wave.

US President Biden and Russian President Putin spoke on the phone over the weekend, but there was "no fundamental change in the dynamic that has been unfolding now for several weeks", according Senior US official. [1]

Speaking in CNN's State of the Union on Sunday, US national security adviser Jake Sullivan reiterated that "we are in the window" for a Russian invasion in Ukraine and that "a major military action could begin by Russia in Ukraine any day now" [2]

San Francisco Fed President Ms Daly said that "the most important thing is to be measured at our pace and importantly, data dependent", when a sked about a 50 bps rate increase in March, in a CBS Face the Nation interview yesterday. Ms Daly is not a voter this year. [3]

Main Asia-Pacific stocks were mostly down and European futures follow suite. The JPY Basket stays on the front foot, the US Dollar tries to remain upbeat and Antipodeans (AUD, NZD) are soft against the greenback.

Instruments Snapshot

EUR/USD is tepid around 1.1350.

GBP/USD is on the defensive and gives 1.3550 up.

USD/JPY is on the back foot above 115.00.

USD/CAD is upbeat, trying once again to take 1.2750 out.

AUD/USD retreats towards 0.7100.

NZD/USD drops towards 0.6600.

GER30 is under pressure and breaches 15,100.

US30 is cautious and tests 34,700 on the downside.

USOIL trades with positive undertone above 94.00, clinching fresh 7+ year highs.

XAU/USD slumps and probes 1,850, following its best day in four months.

Economic Calendar Picks (GMT)

A subdued start to the week, with no major Economic releases today, although ECB President Ms Lagarde speaks at the European Parliament.

Overnight, focus will shift to Japan's Q4 GDP (23:50) and to minutes from the Reserve Bank of Australia (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 14 Feb 2022 https://www.whitehouse.gov/briefing-room/statements-releases/2022/02/12/background-press-call-by-a-senior-administration-official-on-the-presidents-call-with-russian-president-vladimir-putin/

2

Retrieved 14 Feb 2022 https://edition.cnn.com/2022/02/13/politics/jake-sullivan-cnntv/index.html

3

Retrieved 25 Jun 2022 https://www.cbsnews.com/news/transcript-san-francisco-fed-ceo-mary-daly-face-the-nation-02-13-2022/

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