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DAILY MARKET REPORT

The Russian ruble has dropped to a fresh 15-month low against the US dollar on Tuesday after Russian President Vladimir Putin signed a decree to recognize two breakaway regions of eastern Ukraine as independent entities.

DAILY MARKET REPORT

The Russian ruble has dropped to a fresh 15-month low against the US dollar on Tuesday after Russian President Vladimir Putin signed a decree to recognize two breakaway regions of eastern Ukraine as independent entities.

"I deem it necessary to make a decision that should have been made a long time ago - to immediately recognize the independence and sovereignty of the Donetsk People's Republic and the Lugansk People's Republic", Putin said.

EQUITIES

Asian shares extend lower and US futures near the session low as investors fear a Russian invasion of Ukraine might lead to a large-scale conflict.

On the earnings front, Home Depot, Teladoc and Macy’s, are amongst those reporting the last quarter financial results today.

OIL

Crude oil futures returned back to the highs supported by the continued uncertainty around the Ukraine crisis. Overall the momentum remains bullish throughout the Asian session.

CURRENCIES

In the currency market, the New Zealand dollar is trading steady against the US dollar and Euro ahead of the RBNZ meeting, the central bank is widely expected to hike rates at the Wednesday meeting. While the Euro struggling to find the upside momentum against the greenback and British pound.

GOLD

The Safe-haven metal hits a new session high on Tuesday morning as geopolitical friction keeps tensions high, which increases the demand for safe-havens. At the time of writing, the metal trades above $1900.

Economic Outlook

On the data front, the UK, Eurozone, and Germany reported the latest PMI data on Monday. UK Manufacturing PMI remained steady at 57.3, while the Services PMI impressed with a reading of 60.8, up from 54.1. Eurozone Manufacturing PMI went down to 58.4 in February of 2022 from 58.7 in January, and below market forecasts of 58.7.

Moving ahead today, the important events to watch:

US: Manufacturing PMI – 14.45 GMT

US: CB consumer confidence – 15.00 GMT

Coronavirus update:

Worldwide, more than 420 million people have been confirmed infected and more than 5.9 million have died. The United States has confirmed over 77 million cases and has had more than 910,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook and Review

EURUSD: For today, the first nearest support level is located at 1.1290. If it breaks below this level, it will head towards the next support level which is located at near 1.1270 then 1.1250. On the flip side, the immediate resistance is near 1.1350.

eurusd

The important levels to watch for today: Support- 1.1290 and 1.1260 Resistance- 1.1350 and 1.1390.

GOLD: in the short-term perceptive, the immediate bias will remain bullish as long as prices are held above $1900. On the flip side, any break below $1895 then the next support near the $1888 followed by $1880 level.

gold neww

The important levels to watch for today: Support- 1895 and 1880 Resistance- 1913 and 1920.

Quote of the day - "To win in the markets, we need to master three essential components of trading: Sound psychology, a logical trading system, and an effective risk management plan.”

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DAILY MARKET REPORT

DAILY MARKET REPORT

Federal Open Market Committee, a committee within the Federal Reserve System (the Fed), will release June’s FOMC meeting minutes later today. In the June meeting, FOMC raised interest rates by 75 bps, the biggest increase in three decades.

DAILY MARKET REPORT

DAILY MARKET REPORT

The Reserve Bank of Australia increased its benchmark interest rate from 0.5% to 1.35% on Tuesday and It is the third consecutive month in which the central bank has hiked rates.

DAILY MARKET REPORT

DAILY MARKET REPORT

Precious metals like gold and silver prices extended declines in early trading on Friday. The strong bearish sentiment fueled by fed Chairman Jerome Powell's hawkish stance on Wednesday encouraged dollar bulls and pressured metal prices lower.

DAILY MARKET REPORT

DAILY MARKET REPORT

Global markets remain volatile following the hawkish comments from the central bank chiefs during the European Central Bank's (ECB) annual forum in Portugal. The central bankers have warned that the era of low-interest rates and moderate inflation has come to an end.