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Risk aversion continues as the major market driver amid the Russian invasion of Ukraine. The attacks have continued throughout the weekend, and a third round of cesefire talks has not eased the situation.
Economic Data
The Investor Movement Index® (IMXSM) decreased to 6.79 in February, down from 7.07 in January. The IMX is TD Ameritrade’s proprietary, behavior-based index, aggregating Main Street investor positions and activity to measure what investors actually were doing and how they were positioned in the markets.
Other Developments
The US dollar and gold made the most out of the negative mood. The EUR/USD pair fell to a fresh multi-month low of 1.0805 and trades nearby at the end of the day. GBP/USD also collapsed, currently changing hands a handful of pips above a multi-month low of 1.3101.
Gold surged to $2,002.64, its highest since August 2020 but settled at around $1,986 per ounce. WTI traded as high as $130.50 a barrel, pulling back to the $120 price zone where it currently stands.
The CAD and the AUD started the day advancing against the greenback but lost ground as the day developed, closing in the red. AUD/USD trades around 0.7320, while USD/CAD hovers around 1.2800.
Global indexes edged lower. European indexes recovered some ground ahead of the close, but US ones posted substantial losses, with the DJIA losing over 600 points.
The US is on track to ban all Russian energy imports, detaching from the EU with this particular sanction. The EU aims to cut dependence on Russian gas by almost two thirds in 2022, according to Bloomberg.
Also Read
WTI Seeks To Overstep $122.00 As EU Prepare To Cut Russian Gas
IMXSM Index decreased in February
US Equities Slump Lower Amid Renewed Stagflation Concerns
Gold Aproaches $2000 Before Looming Wall Street’s Close
Commodities Jump On Supply Chaos Fears
Financial Tightening Sounds Alarm For Global Economy
One Week Ahead FOMC, EUR/USD Slides As Traders Watch Oil Prices
Ukraine-Russia Talks Witness Small Positive Developments
Britain Risks Recession After Soaring Energy Cost
Russian Banks Flock For Refuge In Chinese Payment Systems
US To Start Russian Oil Ban Without Allies
