Here’s what it is advisable know on Thursday, February 24:
Russia has launched an assault on Ukraine in the course of the Asian buying and selling hours and triggered an intense flight to security in monetary markets. Conventional safe-haven belongings, resembling gold, the JPY and the CHF, proceed to collect power early Thursday and the US Dollar Index trades at its highest degree in almost a month above 96.50. Later within the day, the US Bureau of Financial Evaluation will launch its second estimate of the fourth-quarter GDP information. The weekly Preliminary Jobless Claims and January New Residence Gross sales shall be featured within the US financial docket as nicely. Buyers, nonetheless, will stay centered on headlines surrounding the Russia-Ukraine battle.
Following stories of Russia finishing up missile strikes on Ukraine’s infrastructure and border guards, Ukrainian President Volodymyr Zelenskyy introduced a country-wide martial legislation. The most recent developments recommend that the Russian army is shifting in direction of the Ukrainian border from Belarus. Moreover, Russia is reportedly unleashing cyberattacks and Ukraine is claimed to have shot down a number of Russian planes and a helicopter.
Reflecting the risk-averse market surroundings, the 10-year US Treasury bond yield is down 5% and US shares futures indexes are dropping between 2% and a pair of.3%. Crude oil prices are surging increased and the barrel of West Texas Intermediate (WTI) was final seen buying and selling at its highest degree since August 2014 above $96.
Buying and selling within the Moscow Trade has been suspended and the Russian rouble on the interbank market fell to a brand new file low in opposition to the greenback. USD/RUB was final seen rising greater than 7% on the day at 87.40.
Gold surged increased on Thursday and reached its strongest degree since early January close to $1,950. XAU/USD is up greater than 1.5% within the early European session, buying and selling round $1,940.
EUR/USD slumped to its weakest degree in additional than three weeks close to 1.1200 earlier than staging a rebound. The pair is shifting close to mid-1.1200s and down 0.5% every day.
EUR/JPY is down 1% at 128.80, AUD/JPY is dropping 0.9% at 82.40, EUR/CHF, which touched its lowest degree since 2015 at 1.02911 earlier within the session, appears to have steadied above 1.0300 in the intervening time.
GBP/USD is falling for the third straight day and checks 1.3500. There will not be any macroeconomic information releases from the UK.
Regardless of the broad-based greenback power, the USD/JPY is buying and selling within the unfavorable territory close to 114.50, pressured by the sharp drop witnessed in US T-bond yields.
Bitcoin is buying and selling at its lowest degree in a month close to $35,000 and dropping greater than 6% on the day. Ethereum is already down almost 10% on Thursday and continues to edge decrease after breaking under $2,500.
