US President Joe Biden announced a ban on US imports of Russian oil on Tuesday at a White House press conference. Biden said he made the decision in consultation with European allies but added they may not be in a position to join the US in banning Russian energy imports.
“We are banning all imports on Russian gas and energy. That means Russian oil will no longer be accepted at US ports, and the American people will deal another powerful blow to Putin’s war machine,” US President Joe Biden said.
Global equities have calmed down on Wednesday morning after Russia agreed to provide humanitarian corridors to evacuate stranded civilians from the war zones. On the other hand, Ukrainian President Volodymyr Zelenskyy on Tuesday said that he is no longer pressing for membership of the North Atlantic Treaty Organization, or NATO, membership for his country.
Crude oil prices reached new highs on Tuesday after US President Joe Biden announced, the Biden administration will ban all imports of Russian oil, gas, and energy. Meanwhile, the API crude inventory data showed the U.S. crude inventories increased by 2.8 million barrels for the week ended March. 2.
In the currency market, the EURUSD attempted to bounce further upside on Tuesday, but it failed to extend above the 1.1950 resistance area as the Euro traders waiting for tomorrow’s ECB decision. The British pound remains under pressure against the US dollar. At the time of writing, the currency pair hovers near the 1.3110 area.
The safe-haven metal slightly retreats from the previous session highs after the metal failed to break above the August 2020 highs. However, the overall momentum remains bullish throughout the European session.
On the data front, China's consumer price index increased by 0.9% YoY in Feb and the producer price index grew 8.8% YoY in Feb, lower from the 9.1% growth in Jan, data from the National Bureau of Statistics showed Wednesday.
Moving ahead today, the important events to watch:
US – JOLTS job openings: GMT – 15.00
US –EIA crude inventories: GMT – 15.30
Worldwide, more than 440 million people have been confirmed infected and more than 5.91 million have died. The United States has confirmed over 79 million cases and has had more than 950,000 deaths from COVID-19, the highest totals in the world.
Technical Outlook and Review
EURUSD: The currency pair trades steady above 1.0930. However, Bulls will need to regain the 1.0960 level if they want to continue their ascent towards 1.10.
The important levels to watch for today: Support- 1.0900 and 1.0870 Resistance- 1.0960 and 1.0990.
GOLD: For today, the first nearest support level is located at $2020. In case if it breaks below this level, it will head towards the next support level which is located at near $2000 then $1990. On the flip side, the immediate resistance is at $2050 then $2070.
The important levels to watch for today: Support- 2020 and 2000 Resistance- 2050 and 2070.
Quote of the day - “It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” — Robert Kiyosaki.