Crude Oil Falls Sharply, UAE Supports OPEC Production Increase; Gold Back Below $2k; Agricultural Commodities Plunge; Stocks Higher on Signs Russia \u0026 Ukraine
Enter your emailRisk sentiment begins to improve on hopes of increasing crude oil production and the prospect of a diplomatic solution to the Russian invasion of Ukraine.The Russian invasion of Ukraine enters its fifteenth day, with Russia seeming to have switched tactics towards aerial force as its forces struggle to advance further on the ground.
Ukrainian President Zelensky stated last night Ukraine was ready for compromise to find a diplomatic solution, raising initial hopes of an end to the war if Russia is prepared to accept less than it initially hoped to achieve, as mediation efforts continue. In the Forex market, the Euro recovered strongly after a prolonged period of weakness. The ECB will present its monthly policy release today, which will be closely watched
The wider Forex market is dominated by weakness in the Japanese Yen and to a lesser extent the US Dollar, as risk sentiment recovers., which is expected to show a month on month increase of 0.8%, which would put the annualized rate close to 8%, another new 40-year high. The data will be closely watched by the market., showing that the omicron variant wave is in strong decline almost everywhere.
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