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Forex News March 02, 2022

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Brent crude reaches its highest level since June 2014, while WTI crude reaches its highest level since August 2013.

Oil gains continue on the day, with Brent reaching a new high of $112.84, up 7% on the day. In an already tight market, oil buyers diversifying away from Russian crude and scrambling to find alternatives exacerbates the situation.

The fact that OPEC+ will also remain on the sidelines only adds to the more bullish sentiment on the day.

European equities

European equities open slightly lower. Equities indicate a bit more caution, Eurostoxx -0.3%, Germany DAX -0.5%, France CAC 40 -0.1%, UK FTSE +0.5% and Spain’s IBEX fell 0.1 percent.

At the moment, risk sentiment is more cautious, with S&P 500 futures down 0.1 percent, Nasdaq futures down 0.1 percent, and Dow futures up 0.1 percent. Meanwhile, 10-year Treasury yields are up 1 basis point to 1.72 percent, but this is lower than earlier in the day when they were around 1.75 percent.

The market is still cautious as it awaits the outcome of the Russia-Ukraine conflict. In mixed trading, the dollar is higher against the euro, pound, and yen but lower against the loonie, aussie, and kiwi.


EUR/USD falls to its lowest level since May 2020 as the dollar remains firm for the day.

EUR/USD is down 0.4 percent to 1.1080 The euro has lost ground this week as traders reduce their bets on an ECB rate hike and as European assets suffer as a result of the sanctions imposed on Russia. To make matters worse, rising energy prices will provide little relief on the inflation front while also putting a strain on consumers, clouding the outlook for the rest of the year.

EUR/USD is now trading at 1.1080, its lowest level since May 2020. From a technical standpoint, if this break holds, the euro will be on a slippery slope towards 1.1000 in the near future.


The next round of Russia-Ukraine talks could take place at the end of this week, according to Interfax. The first round of talks on Monday produced no significant results, but the good news is that both sides are still willing to return to the negotiating table, even if the situation on the ground hasn’t changed.

According to Zelensky, Russia cannot win Ukraine with bombs, strikes, and rockets. In just six days of fighting, nearly 6,000 Russians have been killed.

Despite the bloodshed, there is still a sense that hostilities can be escalated significantly further, particularly on Russia’s part. They may be holding back due to how it may be perceived globally, but we’ll see if and how Putin’s appetite changes in the coming days.

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