So-called 'war trades' took a heavy beating in trading yesterday with oil arguably the worst hit among the rest in a plunge to below $110. Gold also stumbled as equities soared, with European indices posting a monster day as the DAX jumped by nearly 8% and CAC 40 up over 7% on the day.
The mood is more measured now with the euro slightly lower after a strong showing yesterday too. EUR/USD climbed all the way up to 1.1095 but is settling around 1.1050 levels at the moment.
Even though markets favoured a more optimistic showing yesterday, the Russia-Ukraine war hasn't changed whatsoever and the situation on the ground remains tense. As such, headline risks will continue to be one to watch out for.
As for the day ahead, the ECB will be in focus and I will get a preview on that later in the session. In the meantime, you can check out BofA's take on that here. Besides that, US inflation figures will also draw some of the attention with the White House having warned of a high print.
1245 GMT - ECB announces March monetary policy decision
1330 GMT - ECB president Lagarde press conference
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
