Forex News February 28, 2022

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  • There will be no trading on the MOEX or RTS today because the Russian central bank has announced that stock trading on the Moscow Exchange will be suspended on Monday. Today, no derivatives will be traded in domestic markets. That’s one way to avoid a market crash and exodus.
  • On the plus side, Russia-Ukraine talks have begun in Belarus.
  • It will be interesting to see how this plays out.
  • It’s worth noting that Sputnik News (Russian media) refers to this as “Russia-Ukraine peace talks.” It may not yet be indicative of anything, but it is something to be wary of.
  •  Also, as previously stated, Ukraine’s goal in these talks is to persuade Russia to de-escalate and withdraw its troops. It is highly unlikely that Putin will go for it, but it will be interesting to see what comes out of these talks.


  • Yen pairs are attempting to close the gap. The pound, Australian dollar, and New Zealand dollar have all recovered well from their initial losses.
  • While this may indicate some improvement in market sentiment, it also demonstrates the aussie and kiwi’s resilience throughout the entire Russia-Ukraine ordeal since the beginning.
  • There are still cautionary tones across other asset classes, with equities down significantly and Treasury yields continuing to fall, but they don’t appear to be as dire as they did in the early stages today.
  • The same can be said for major currencies, with the USD/JPY now trading at 115.58, up from 114.98 at the open. Here’s a look at the other yen pairs that appear to be on the verge of closing the opening gap lower today.
  • Toyota is reportedly planning to shut down all of its factories in Japan on March 1st.
  • The Nikkei is reporting on the situation.
  • This is the result of a cyberattack, with Toyota supplier Kojima Press thought to be the main target. Toyota’s spokesperson stated that the company is still reviewing a report on the suspension of domestic factory operations and determining whether or not the plants can be restarted on March 2nd, if possible.
  • This, however, will not alleviate the problems associated with global trade and supply chains.

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