Daily Market Bulletin – 14 March 2022

Market Developments

Hopes of progress on the negotiations between Ukraine and Russia help sentiment, but investors also monitor rising Covid-19 cases in China, which weighed on markets.

Ukranian President Zelenskyy said earlier today that "Representatives of our countries' delegations speak in video format every day. Our delegation has a clear task - to do everything to ensure a meeting of the presidents." [1]

US Deputy Secretary Ms Sherman noted yesterday that: "We are seeing some signs of a willingness to have real, serious negotiations", speaking of Fox News Sunday. [2], while on Friday, Russian President Putin was quoted saying that "There are certain positive developments there, as the negotiators from our side reported to me" - as reported by Russian news Agency TASS. [3]

On the Covid front, Mainland China reported a spike in cases on March 13, to 1,337, as per today's announcement. [4]

On Sunday, China's JD Logistic announced the proposed acquisition of Deppon Logistics Co., Ltd, for approximately RMB 9.0 billion. [5]

Trade the News: View our Economic Calendar

Main Asia-Pacific stock markets were mixed, with Chinese markets down, whereas their European peers appear to be in better mood.

In the FX space, the JPY Basket retreat, whereas the US Dollar is upbeat and Antipodeans are soft against the greenback.

Instruments Snapshot

EUR/USD finds support above 1.0900, following last week's losses.

GBP/USD makes an inconclusive start to the week above 1.3000, unable to avod new lows not seen since late-2020.

USD/JPY extends gains into the sixth day and fresh five-year highs, above 117.50.

USD/CAD is upbeat, but rejects 1.2800.

AUD/USD losses around 0.5% and breaches 0.7250.

NZD/USD post similar losses, trading below 0.6800.

GER30 is in good mood, reclaiming 13,800.

US30 is constructive, probing 33,200.

USOIL starts the week on the back foot, testing 105.50.

XAU/USD is on the defensive, probing 1,970.

Economic Calendar Picks (GMT)

A busy week starts in a subdued manner, as there are no major economic releases expected today.

Overnight, focus will shift to Australia for the central bank's minutes (00:30) and to China for Industrial Production and Retail Sales (02:00).

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 Mar 2022 https://www.president.gov.ua/en/news/peremozhemo-zavdyaki-nashomu-vminnyu-gurtuvatisya-ta-zavzhdi-73541

2

Retrieved 14 Mar 2022 https://www.state.gov/deputy-secretary-wendy-r-sherman-with-bret-baier-of-fox-news-sunday/

3

Retrieved 14 Mar 2022 https://tass.com/politics/1420633

4

Retrieved 14 Mar 2022 http://english.www.gov.cn/statecouncil/ministries/202203/14/content_WS622ead80c6d09c94e48a69e7.html

5

Retrieved 25 Jun 2022 https://ir.jd.com/news-releases/news-release-details/jdcom-announces-proposed-acquisition-deppon-logistics-co-ltd-jd

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