{"id":61174,"date":"2022-03-02T03:10:15","date_gmt":"2022-03-01T23:10:15","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=61174"},"modified":"2022-03-02T03:10:19","modified_gmt":"2022-03-01T23:10:19","slug":"chaos-ignites-safe-haven-assets-commodities-spikes","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/chaos-ignites-safe-haven-assets-commodities-spikes\/03\/02\/market-updates\/","title":{"rendered":"Chaos Ignites Safe Haven Assets, Commodities Spikes"},"content":{"rendered":"\n

Eastern Europe geopolitical tensions are stilling leading market movements. Safe-haven assets turned higher, as Russia escalated its attacks on Ukraine, while President Putin said that the invasion would continue until he reaches his goal.

Usually neutral countries are joining global efforts to stop Russia. Switzerland and Finland, among others, are either sending armour to Ukraine or joining the financial blackout to Moscow.

Economic Data:<\/strong>
Gold rallied from a low of $1,901.47, an area of support and in a move that was forecasted in the prior analysis from the New York session on Monday. Also, the US ISM Manufacturing PMI for February is still expanding. The latest reading came better than expected. US ISM New Orders reached a five-month high.

The ISM Price Index rose to 75.6 in the same period, higher than estimations but lower than January 76.1, reflecting easing price pressures. Despite positive US economic data, market sentiment remains the main driver for the gold index; XAU\/USD. <\/p>\n\n\n\n

<\/p>\n\n\n\n

Canadian Manufacturing PMI rose slightly to 56.6 in February, indicating continued robust growth in the manufacturing sector. That marked a slight gain from January\u2019s 56.2 reading and was a little above expectations for 56.4.

Other Developments:
<\/strong><\/p>\n\n\n\n

US President Biden will deliver his first State of the Union address Tuesday, within a few hours, as he seeks to contain the impact of the running war in Ukraine, guide the US and its economy through the Covid-19 pandemic, and help buoy Democrats in November\u2019s midterm elections. Sanctions against Russia and US economic plan will be major topics in Biden’s address.<\/p>\n\n\n\n

<\/p>\n\n\n\n

The next round of talks between Russia and Ukraine will take place on Wednesday. In the first round of talks on Monday, Russia allegedly demanded Ukraine commit to paper its off-bloc status at the parliamentary level and organize a referendum on this matter.

Moscow wants Kyiv to recognize the Donetsk and Lugansk People\u2019s Republics and drop its demand that Crimea should be returned to Ukraine. Ukraine, on the other hand, demanded a ceasefire and withdrawal of Russian troops from its territory.

By the end of the day, Putin issued a directive banning foreign currency shipments from Russia in amounts greater than USD 10,000 beginning on March 2.

Crude oil soared to its highest in seven years amid fears the Russian war would affect supply. WTI traded as high as USD 106.76 a barrel before pulling back to currently changing hands at USD 104.

The American Dollar is up against most of its major rivals, particularly European ones. The EUR\/USD pair fell to its lowest since June 2020 and currently trades at around 1.1130 while GBP\/USD hovers around 1.3320.

The AUD\/USD pair flirted with 0.7300 before trimming intraday gains, ending the day little changed at around 0.7250. The USD\/CAD pair edged higher amid falling equities and ignored record crude oil prices, settling around 1.2735.


Gold Prices benefited from the risk-averse environment and surged beyond USD 1,940 a troy ounce, holding on to most of its gains by the US close.

Asian equities edged higher, but European indexes fell, while US ones plummeted. Demand for government bonds soared, with the yield on the 10-year US Treasury note plunging sub-1.70%.

One of the most interesting developments is that money markets are removing bets on aggressive rate hikes amid new uncertainty coming from the war front.

US Federal Reserve Chief Jerome Powell will testify on the Semi-Annual Monetary Policy Report before the House Financial Services Committee.
<\/p>\n\n\n\n

Also Read:
Will OPEC+ Stick To Preset Plan Despite Ukraine\u2019s Invasion?<\/a><\/p>\n\n\n\n

US Equities Slide Amid Concerns On Western Sanctions<\/a><\/p>\n\n\n\n

Economic Plans, Sanctions In Focus As Biden Delivers First State of the Union Address<\/a><\/p>\n\n\n\n

Will Gold\u2019s Old Resistance Turn Into Support?<\/a><\/p>\n\n\n\n

Putin Prohibits Foreign Currency Shipments From Russia<\/a><\/p>\n\n\n\n

BoE\u2019s Mann: UK inflation heading to 7.25% in April<\/a><\/p>\n\n\n\n

Fed\u2019s Bostic: US Pressed To Lower Inflation For 2022<\/a><\/p>\n\n\n\n

On Course For Historic Intra-day Rally, WTI Approaches USD 107.50 Highs<\/a><\/p>\n\n\n\n

BoE\u2019s Saunders: Quicker QT Helps Limit Overall Tightening Cycle<\/a><\/p>\n\n\n\n

Poland\u2019s Morawiecki: Ukraine Crisis Existential Threat To Peace In Europe<\/a><\/p>\n\n\n\n

Q4 Faster GDP Growth Ensures BoC\u2019s Interest Rate Hike<\/a><\/p>\n\n\n\n

IEA releases 60M barrel from strategic reserves<\/a><\/p>\n\n\n\n

What Russia\u2019s SWIFT Ejection Really Mean Amid War Fogs<\/a><\/p>\n\n\n\n

AUD\/USD Expected to Surge On rising Commodity Prices<\/a><\/p>\n\n\n\n

Canada: Markit Manufacturing PMI rises slightly in February<\/a><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Eastern Europe geopolitical tensions are stilling leading market movements. Safe-haven assets turned higher, as Russia escalated its attacks on Ukraine, while President Putin said that the invasion would continue until he reaches his goal.Usually neutral countries are joining global efforts to stop Russia. Switzerland and Finland, among others, are either sending armour to Ukraine or …<\/p>\n","protected":false},"author":13,"featured_media":52794,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[7214,6932,6885,9002,8854,8995,6909],"class_list":["post-61174","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-biden","tag-boc","tag-fed","tag-oil-gold","tag-russian-invasion-of-ukraine","tag-state-of-the-union-address","tag-wti"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/61174","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=61174"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/61174\/revisions"}],"predecessor-version":[{"id":61180,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/61174\/revisions\/61180"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52794"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=61174"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=61174"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=61174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}