Market Comment - 2nd March 2022

Posted by Stuart PritchardMarch 2, 2022

Good morning,

The big story this morning is the price of oil which has topped out (so far) at $113 per barrel. A level it hasn't been at since 2013. The obvious knock on effect of this is the problems we're all experiencing at the pumps right now with reported diesel and petrol shortages. However the upshot is this is counteracting the Western sanctions in Russia due to Russia deriving 30% of it's GDP from oil and gas.

Other than this it's the Ukraine situation that will continue to dominate headlines with many global companies such as Apple restricting their activities with Russia. Therefore expect volatility in the markets.

The Pound continues to hold versus the Euro for now but is looking weak against most of the other majors.

Today sees another set of speeches from the ECB throughout the day along with speeches from the FED and the Bank of England. Bit of a yawnathon. However these speeches have had effects on rates in recent weeks as the banks indicate either a dovish or a hawkish stance.

There's also employment data out from the States later so there could well be a deal of movement in rates today.

As ever we look forward to keeping you in the loop and look out for our next update.

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Today’s Economic Calendar

EUR: 11:00 ECB Luis De Guindos Speech

US: 13:15 ADP Employment Change

US: 14:30 FED James Bullards Speech

US: 15:00 FED Chari Jerome Powells Testimony

EUR: 16:00 ECB Philip Lane Speech

UK: 20:00 BoE Sir Jon Cunliffes Speech

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