The US Dollar got another boost from the Fed, as the central bank pointed to a March rate lift-off and conclusion of its asset purchases early in that month.
Oil prices however did not capitulate, as geopolitical tensions overshadowed aggressive expectations around the Fed's tightening path.
Fears over potential Russian invasion in Ukraine are high in the West, with the United States putting up to 8,500 troops on high alert  and NATO sending additional ships and fighter jets in eastern Europe .
On Wednesday, the United States offered a written response to Russia's concerns, which US Secretary of State Mr Blinken, said provides "a serious diplomatic path forward, should Russia choose it". 
As Reuters reported, Kremlin spokesman Dmitry Peskov commented that "… we cannot say that our thoughts have been taken into account or that a willingness has been shown to take our concerns into account". 
Eastern Europe is not the only region of concern though, as major oil producer United Arab Emirates, said at the start of the week that it had intercepted and destroyed two ballistic missiles targeting the country. 
Black gold runs its sixth straight profitable week with gains of around 3.5% and breaks above $88/barel for the first time since October of 2014.
This brings the highs of that month in its crosshairs (90.76), with the next resistance located at the 93.00 area.
On the other hand, the move looks overextended and this could lead to headwinds as we draw to the end of the week. Pressure could weigh it down towards mid-85.00s, but strong catalyst would be required a sustained drop below these levels, while the downside seems well protected from 82.00 and below.
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.
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