The lead in to the Asia session:
Forexlive Americas FX news wrap: Commodities soar. Stocks get hammered
- The governor and deputy governor of the RBA are both speaking on Wednesday
- Venezuela's President Maduro says talks with the US on oil were polite and constructive
- Morgan Stanley CEO says Fed to hike 4 times (by 25bps) in 2022
- Goldman Sachs raise their forecast for the price of gold
- Japan's Uniqlo plans to continue selling clothes at its 50 locations in Russia
- More on JPMorgan excluding Russia from fixed income indexes
- Japan bans oil refining equipment exports to Russia
- PBOC sets USD/ CNY central rate at 6.3185 (vs. estimate at 6.3257)
- AUD - NAB forecast the RBA will hike in August 2022 (15bps only)
- Libya has resumed output at its Sharara oil field
- Australia business confidence in February 13 (prior 3)
- UK to announce new North Sea oil exploration licences (UK Times report)
- BOJ official warns must keep an eye on Japanese firms' funding
- UK data - retail sales up, as is consumer spending
- Japan data - largest current account deficit since January of 2014
- Exxon Mobil and Chevron are both boosting oil production at the Permian Basin field
- Japan real wages +0.4% y/y in January
- More on the EU plan to cut gas imports from Russia this year
- UK media reports the EU plans to slash Russian gas imports by two-thirds in twelve months
- Russia has warned that oil prices could surge to $300 a barrel
- Australian weekly consumer confidence rises to 101.1 from 99.2 the previous week
- Fitch suspends commercial operations in Russia, slashes Belarus rating
- ANZ forecast the RBNZ will hike its cash rate by 50bp in April and May
- Canada - Alberta province to suspend its gasoline tax, provide electricity bill rebates
- US President Biden to sign an executive order on cryptocurrencies this week
- US Senator Schumer says Biden is looking closely at banning imports of Russian oil
- Trade ideas thread - Tuesday 08 March 2022
- US stocks close sharply lower and near session lows
- ICYMI: London Bullion Market Association (LBMA) suspended membership of 6 Russian refiners
Oil (and other commodity prices) were once again a focus during the session. Oil moved higher, not exceeding Monday’s high though) before dropping back. Where it found bids again to drive it even higher. Its barely off its session highs as I post. A short squeeze in nickel provided bids for the metal, it rose again. News crossed of a EU plan to cut imports of Russian gas in the next 12 months (see bullets above).
Local equities took their lead from the lower price action on Wall Street Monday. China, HK, Japan all lower.
And so to FX, where major rates had some movement but within not large ranges.
Data flow was light. Japan’s wage data showed the first rise for ‘real’ (after inflation) wages in 5 months, which is welcome. Its not going to budge the Bank of Japan though.
National Australia Bank brought forward their forecast for an RBA rate hike, seeing a 0.15% cash rate hike in August and two more hikes by the end of 2022.
News flow, too, was light. There was little out of Eastern Europe to indicate any diminution in fighting.
(This chart is from our charting app, which is free and can be found at this link):