Daily Alert – Tuesday 22nd March 2022: EU discusses banning Russian energy, oil surges
Yesterday was characterised by two interventions. Firstly, Fed Chair Jerome Powell doubled down on hawkishness by stating that a 50 basis-point rise was possible at the next FOMC meeting. He said what central bankers say – he will do what is necessary to deal with inflation. This added to the sense of Fed hawkishness from last week’s Fed meeting and the USD rose.
Secondly, we had European politicians seriously looking at banning Russian energy. This provoked some quite aggressive responses from the Russian side, and the dragging up of previous comments by Russian Deputy Prime Minister Alexander Novak where he spoke about a USD300/bbl oil price.
At yesterday’s close I took a WTI (oil) trade, long.
There is little on today’s economic calendar but there will be events. There always are.
We’ll be back tomorrow.
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