Russia’s Foreign Minister continues talks with Ukraine as global isolation of Russia continues and as Russian forces continue to press on. WTI oil continued to rise touching $116 per barrel. OPEC+ met yesterday and producers plan to raise output by 400K BPD in April. Fed Chair Powell confirmed in front of Congress he supports a 0.25% rise at the March meeting.
Patience is not simply the ability to wait - it's how we behave while we're waiting.
March 3, 2022
EUR/USD 1.1075 GBP/USD 1.3362 USD/CAD 1.2640 AUD/USD 0.7341 USD/JPY 115.55 USD/CNH 6.3195 USD/ILS 3.2450 USD/MXN 20.6695 USD/CHF 0.9180 USD/INR 75.9100 USD/BRL 5.0460 USD/SGD 1.3573 USD/DKK 6.7130 USD/SEK 9.7100 USD/NOK 8.8840
A gauge of dollar strength closed at the highest level since 2020. Job market data is due out today and initial jobless claims continue to fall posting 215K
In Congressional testimony yesterday, Fed Chair Powell confirmed his support for a 25bp rate increase in March.GBPGBPUSD trading is rangebound as volatilities decline and traders wait for the results of round 2 talks between Ukraine and Russia.EUR
Euro slips below 1.11 handle as pressure continues on the currency.CAD
As expected, the Bank of Canada raised rates yesterday as the first big bank decision made following the Ukraine invasion. Despite soaring oil prices, the C$ remains mostly unchanged versus the dollar.ASIA/PACIFIC
USDJPY rose again slightly. The Japanese PM said his government would roll out an aid package to help offset the impacts of rising oil prices.
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