Markets jump on Putin comments

  • US30
    (${instrument.percentChange}%)
  • XAUUSD
    (${instrument.percentChange}%)

During his meeting with Belarusian President Lukashenko, President Putin commented that "[t]here are certain positive shifts, negotiators on our side tell me." This remark is about negotiations between Russia and Ukraine. Other comments included that talks are taking place "practically on a daily basis" (forexlive.com). These comments shifted the tone of the markets, with the US30, FXCM's Dow Jones Industrial Average CFD, jumping within seconds. At the same time, capital rotated out of XAUUSD. However, it isn't easy to assess how optimistic these comments indeed are, given that discussion yesterday in Turkey between the Russian and Ukrainian foreign ministers produced little in terms of a cease-fire or progress on safe passage for Ukrainians from Mariupol, which Russia has besieged. In light of the conflicting info, the US30's stochastic on the left will need to move into the 80+ areas (green rectangle), and the XAUUSD's stochastic on the right must drop into the 20- areas (red rectangle). These movements will signal that these latest comments are interpreted as optimistic by the market. However, we are cautious as these moves may be premature and faded by particpants.

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Russell Shor

Senior Market Specialist

Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.

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