Daily Market Bulletin – 22 March 2022

Market Developments

Sentiment appears a bit mxed as markets digest Mr Powell's Monday remarks and continue to monitor the war in Ukraine and China's pandemic situation.

Speaking at the NABE Economic Forum on Monday, Fed Chair Powell called inflation "much too high", while on the path of interest rates, he noted that "If we think it's appropriate to rise 50 basis points, we will do so". [1]

US President Biden warned about "clear signs" that Russian president Putin is considering the use of chemical and biological weapons in Ukraine, adding that he has "already used chemical weapons in the past". [2]

New local Covid-19 cases in mainland China increased 2,281 (plus 57 imported) on March 21, compared to 1,947 in the prior day. [3]

Stock of US plane maker Boeing dropped more than 3% yesterday, after the crash of a 737 aircraft of China Eastern Airlines [4]. This is not the 737 Max, which had been grounded after two fatal crashes in 2018 and 2019.

Tesla will be handing its first vehicles manufactured at its brand-new Giga Berlin-Brandenburg factory today, as per Mr Musk's tweet [5]. The facility produces the Model Y.

Alibaba Group announced an increased to its asset repurchase program, to US$25 billion (from US$15) [6], with the stock surging Hong Kong.

Main Asia-Pacific stock markets were upbeat and European futures also appear to be in good mood. On the FX space, the JPY Basket is down and the US Dollar extends, whereas Antipodeans (AUD, NZD) are soft against the greenback.

Instruments Snapshot

EUR/USD extends its decline into the third day, conceding 1.1000.

GBP/USD is on the back foot, but holds above 1.3100.

USD/JPY gains more than 0.5% and tries to surpass 120.50, setting fresh six-year highs.

USD/CAD finds support and tries to return above 1.2600, pausing the five-day losing streak.

AUD/USD stays on the defensive below 0.7400

NZD/USD is cautious above 0.6850.

GER30 is in good mood above 14,300, following the lackluster weekly start.

US30 trades in negative territory below 34,600.

USOIL stays in profits, trading above 112.50.

XAU/USD faces pressure after yesterday's rebound, trading below 1,935.

Economic Calendar Picks (GMT)

Another data-light day today, but markets await a series of central bank speakers, including ECB president Ms Lagarde (13:15).

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.



Retrieved 22 Mar 2022 https://www.c-span.org/video/


Retrieved 22 Mar 2022 https://www.whitehouse.gov/briefing-room/speeches-remarks/2022/03/21/remarks-by-president-biden-before-business-roundtables-ceo-quarterly-meeting/


Retrieved 22 Mar 2022 http://english.www.gov.cn/statecouncil/ministries/202203/22/content_WS6239683bc6d02e5335328198.html


Retrieved 22 Mar 2022 http://www.caac.gov.cn/en/XWZX/202203/t20220322_212468.html


Retrieved 22 Mar 2022 https://twitter.com/elonmusk/status/1505977175488483339


Retrieved 30 Jun 2022 https://www.alibabagroup.com/en/news/article


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.

Past Performance: Past Performance is not an indicator of future results.

${getInstrumentData.name} / ${getInstrumentData.ticker} /

Exchange: ${getInstrumentData.exchange}

${getInstrumentData.bid} ${getInstrumentData.divCcy} ${getInstrumentData.priceChange} (${getInstrumentData.percentChange}%) ${getInstrumentData.priceChange} (${getInstrumentData.percentChange}%)

${getInstrumentData.oneYearLow} 52/wk Range ${getInstrumentData.oneYearHigh}