Gold just below all-time high

‘An investment in knowledge pays the best interest’ - Benjamin Franklin

 

 

HEADLINES

 

 

• Australia, NZ dlrs give ground, RBA sticks to patient stance
• Crude shoots higher on U.S. Russian oil ban
• Gold makes run for record high as Ukraine concerns, inflation risks mount
• Wall St ends down in rocky session as U.S. bans Russian oil imports
• EUR/USD to tank towards support at 1.05 with absence of progress in Ukraine – Scotiabank
• SILVER Short Term: Upside favored

 

 

FOREX

 

 

Australia, NZ dlrs give ground, RBA sticks to patient stance

 

The Australian and New Zealand dollars surrendered some ground on Wednesday amid concerns booming commodity prices would drag on global growth, and Australia's central bank sounded in no rush. 

Reserve Bank of Australia (RBA) Governor Philip Lowe warned the jump in commodity prices would likely lift inflation further and could feed through to wage claims. Yet he also emphasised that the RBA had scope to be patient on hiking interest rates, and it was plausible a move would come later this year.o raise rates.

 

 

COMMODITIES

 

 

Crude shoots higher on U.S. Russian oil ban

 

Crude oil prices jumped while Asian stocks regained their footing on Wednesday as investors assessed the impact of a worsening conflict in Ukraine and a new U.S. ban on Russian oil. Oil is now roughly double its early December low.

 

Gold makes run for record high as Ukraine concerns, inflation risks mount

 

Gold extended its rally towards a record high on Tuesday, after investors made a beeline for the traditional safe-haven metal on mounting fears around the Russia-Ukraine crisis, with the U.S. and Britain saying they would ban oil from Moscow.

* Spot gold was down 0.6% at $2,040 per ounce, as of 0054 GMT, after rising to $2,069 in the previous session, a whisker away from a record $2,072.49 touched in August 2020.

 

 

STOCKS

 

 

Wall St ends down in rocky session as U.S. bans Russian oil imports

 

Major U.S. stock indexes ended lower in rocky trading on Tuesday, as investors weighed fast-paced developments around the crisis in Ukraine as the United States banned Russian oil and other energy imports over the invasion.

Losses accelerated into the end of Tuesday's up-and-down session, a day after steep declines that saw the tech-heavy Nasdaq confirm it was in a bear market. The benchmark S&P 500 fell for a fourth straight session.

 

 

ANALYSIS

 

 

EUR/USD to tank towards support at 1.05 with absence of progress in Ukraine – Scotiabank

 

“The ECB’s extended dovishness and the absence of a clear off-ramp for Russia to withdraw troops from Ukraine could see the EUR test its 2020 low in the coming weeks (if not days given the quickly evolving situation) toward support at 1.05; and erratic Russian leadership implies that we cannot rule out a test of parity in the coming weeks/months, although we think this is unlikely.”

 

 

CHART

 

 

SILVER Short Term: Upside favored

 

Technical View: Long position above 25.8. Target 26.85. Conversely, break below 25.8, to open 25.4.

Comments: The pair breaks below support.

Source: Trading Central
 

 

CALENDAR

 

 

*Times in GMT

 

SOURCES

https://www.fxstreet.com/economic-calendar
https://www.fxstreet.com/news/eur-usd-to-tank-towards-support-at-105-with-absence-of-progress-in-ukraine-scotiabank-202203081507
https://www.reuters.com/markets/rates-bonds/australia-nz-dlrs-give-ground-rba-sticks-patient-stance-2022-03-09/
https://www.reuters.com/business/futures-steady-after-sharp-tumble-wall-street-2022-03-08/
https://www.reuters.com/markets/europe/gold-eases-key-2000-mark-firm-dollar-dulls-appeal-2022-03-08/
https://www.reuters.com/markets/europe/global-markets-wrapup-1-2022-03-09/