European indices finished today's session mostly higher, however recorded losses on the weekly basis as the ongoing Russian aggression on Ukraine, rising inflation and expectations of higher interest rates weigh on market sentiment. On the data front, Germany’s Ifo Business Climate plunged to a 14-month low of 90.8 in March, well below analysts’ estimates of 94.2, reflecting the first impact of the war in Ukraine on firms’ expectations.
Mixed moods prevail on Wall Street, with the Dow Jones and the S&P 500 erased early gains while Nasdaq fell nearly 0.40%. Treasury Secretary Janet Yellen said she expects the US economy will remain resilient despite the Russia-Ukraine war. A similar view came from Fed chair Jay Powell during the latest policy meeting. Nevertheless investors started to bet on a higher probability of the Fed lifting rates by 0.50% rather than 0.25% at its next meeting. As a result the yield on the US 10-year bond rose above 2.46%, a level not seen since May 2019. The yield on 10-year German Bunds jumped to 0.56%, the highest since May 2018.
Mixed moods prevails on commodities markets amid a weaker dollar. NATGAS prices moved higher after the US signed a gas deal with the EU, pledging to supply 15 billion cubic meters of liquefied natural gas to the block this year to help it wean off Russian energy dependence. Brent price returned to $119 per barrel, while WTI crude tested $114 per barrel after Houthis launched missiles at Aramco facilities in Saudi Arabia. Meanwhile US and its allies are discussing a possible further coordinated release of oil from storage to help calm markets roiled by the Russia-Ukraine conflict.
USDCAD pair dropped below major support at $1.2510 which is marked with a lower limit of the 1:1 structure. Next potential target for sellers is located around 1.2450. Source: xStation5
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