Daily Alert – Tuesday 8th March 2022: Russia threatens to cut gas supplies

Mark NugentDaily Alert, March 2022

Daily Alert – Tuesday 8th March 2022: Russia threatens to cut gas supplies

Good morning.

Yesterday’s sentiment was moderately risk-off. Over the weekend, the US was said to be considering a ban on Russian oil imports. Russia responded yesterday by threatening to cut gas supplies through Nord Stream 1. Equities fell. The “exposed” currencies (EUR and GBP) fell. Interestingly, oil gapped up on the Sunday night open and, although volatile yesterday, ended the day very close to the opening price. In other words, the oil price ended the day up on the Sunday night open, but showed no direction during the day. This might seem like a small point, but it means there was no consistent upwards price pressure on Monday.

Today’s calendar highlight is EuroZone GDP.

I placed no trades last night, but I am watching EUR and GBP weakness closely.

We’ll be back tomorrow.

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