Daily Alert – Wednesday 20th March 2024: Ukrainian drones have impact

Mark NugentDaily Alert, March 2024

Daily Alert – Wednesday 20th March 2024: Ukrainian drones have impact

Good afternoon.

UK CPI was encouraging today with both headline and core readings coming in below expectations and the prior month’s numbers.

Risk sentiment is indecisive, as we often see in the run-up to a Fed meeting, which we have tonight. Perhaps the most interesting aspect of this meeting will be the famed dot plot, giving us the latest insight into where the voting members of the committee think interest rates are headed. Remember, the USD is looking stronger as the markets have assimilated the Fed’s “higher-for-longer” position. So, all eyes will be on the dot plot for any changes to the current view.

Last night, I took a long position on GBPJPY and a short position on WTI. So far, both are doing nicely. I also go through an interesting article on Ukraine’s self-made drones and the damage they are inflicting on Russian oil refining capacity. A lot more has been going on than I realised.

I’ll be back tomorrow.

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