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Forex News March 14, 2022

#edgeforex #trading #forex #market #china #curfew #lockdowns #russia #foreigncurrency #debt #elonmusk #bitcoin #cryptocurrency curfew

China

  • China is reportedly planning to impose a curfew in Jilin province beginning Monday. More lockdowns are being announced in China.
  • That’s a population of about 24 million people, with Jilin being one of the three provinces of Northeast China and a major food producer. Jilin reported 895 locally transmitted COVID-19 cases earlier today, prompting the above action.

Russia

·      Russia says it may be forced to pay foreign currency debt in roubles as a result of sanctions The Russian Finance Ministry has approved a temporary procedure for repaying foreign currency debt.

·      According to the ministry, it will issue payment orders to correspondent banks in order to make foreign currency payments, but the ability to make those payments will be contingent on sanctions.

·      If the payments cannot be made by the foreign correspondent banks, the transaction will be conducted in Russian roubles instead.

Elon Musk

Elon Musk has stated that he will not sell his Bitcoin, Ethereum, or Doge in the face of rising inflation.

Elon Musk’s latest tweet

A small increase in crypto assets as a result of the tweet.  “,he claims “As a general rule, for those seeking advice from this thread, it is preferable to own physical assets such as a home or stock in companies you believe make good products rather than dollars when inflation is high. I still own and will not sell my Bitcoin, Ethereum, or Dogecoin, for example.”

He’s responding to comments he made in an earlier tweet about what the “likely inflation rate” will be in the coming years.

ETH is up 1% on the day to just above $2,600, while Bitcoin is trading near $39,000, down 0.2 percent.

France

·      Latest INSEE data – 14 March 2022

·      Prior -€11.3 billion; revised to -€11.4 billion

·      Prior -€11.3 billion; revised to -€11.4 billion

·      The French trade deficit shrank in January as exports increased by 6.9 percent while imports decreased by 0.6 percent.

Europe

·      Positive tones as the session begins

·      Eurostoxx +0.7 percent

·      Germany DAX +1.5 percent

·      France CAC 40 +0.6 percent

·      UK FTSE +0.2 percent

·      Spain IBEX +0.9 percent

·      The mood has gradually improved in recent days, as markets have faded out the unrest and discord between Russia and Ukraine. Yes, the situation on the ground remains less than ideal, but market concerns are beginning to ease.

·      Oil is well off its highs since 2008, but it is still trading in the triple digits for the time being. In addition, gold has fallen from its peak of $2,070 to $1,970 at the moment.

Japan

When Japanese government officials believe the yen FX rate is moving too quickly for their liking, they raise the issue of’stability.’

According to a Japanese government spokesperson:

  • Forex stability is critical
  • the impact on Japan’s economy is being closely monitored USD/JPY has risen to a five-year high.

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