This is what you need to know to trade today tuesday march 8:
The greenback weakened slightly against its main rivals early in the US session on Monday, but had no difficulty regaining its strength with safe-haven flows continuing to control markets. After rising 0.75% on Monday, the US Dollar Index appears to have entered a consolidation phase above 99.00 on Tuesday. Fourth quarter GDP and employment change data will be included in the European economic calendar pending January Merchandise Trade Balance figures and the US IBD/TIPP Economic Optimism Index.
Following the third round of talks between the Russian and Ukrainian delegations on Monday, the sides have not made any progress in reaching a truce or ceasefire. Speaking on the matter, a Ukrainian negotiator noted that there were “small positive developments” on the issue of humanitarian corridors. The index S&P 500 lost nearly 3% on Monday and US stock index futures are down 1.2-1.5% in early European morning trading.
According to the Financial Times, the European Union plans to cut Russian gas imports by two-thirds in the next 12 months. Meanwhile, Reuters reported that the United States could act alone to ban Russian oil imports without the involvement of its European allies. A barrel of West Texas Intermediate was up 5% on Monday and was last seen rising 2% on the day at $122.70.
The EUR/USD traded very close to 1.0800 during European trading hours on Monday, but managed to erase a small part of its daily losses. The pair is moving sideways near 1.0850 this Tuesday.
The GBP/USD lost over 100 pips on Monday and is struggling to make a significant recovery on the second day of the week. The pair is trading at its lowest level since October 2020 near 1.3100.
The USD/JPY closed in positive territory on Monday and continues to rise to 115.50 on Tuesday. Earlier in the day, Bank of Japan (BOJ) Governor Haruhiko Kuroda said it would not be appropriate to tighten policy or withdraw stimulus even if energy and commodity costs push inflation higher.
After remaining surprisingly resilient against the dollar last week, the AUD came under selling pressure during Asian trading hours. Australia announced that it will impose new targeted sanctions on the Armed Forces of the Russian Federation. The AUD/USD was last seen losing 0.5% on the day at 0.7285.
The gold it continues to capitalize on safe-haven flows and is trading at its highest level since August 2020 above $2,010 at the start of the European session.
The Bitcoin it dipped to $37,000 on Monday, but staged a modest recovery. BTC/USD is trading in a narrow band above $38,000. After registering losses in the previous two days, the ethereum remains relatively quiet, holding on to modest daily gains of around $2,500 on Tuesday.
Source: Fx Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
