Daily Alert – Wednesday 9th March 2022: Confusing market signals

Mark NugentDaily Alert, March 2022

Daily Alert – Wednesday 9th March 2022: Confusing market signals

Good morning.

The markets were hard to read yesterday. Equities were down in the US at the close, but Europe had an up day. The JPY edged down, but so did the commodity currencies. The desired inverse correlation was nowhere to be seen. Further, oil moved up, yet the CAD was down. All very strange and not a good foundation for winning trades.

Russia continues to dominate the news. The US and UK begin their bans on the purchase of Russian oil. Companies are fleeing Russia like the plague. Germany budgets a fortune to take a decade off their timeline to achieve a renewables-only approach to their energy demand.

Putin needs something that looks like a win but nobody, nobody is playing.

There is nothing of significance on the economic calendar today.

So far this morning, we look risk-on. Equities are up. The US 10-year yield is up. Both the USD and JPY are up. It’s all coherent, but there’s plenty of time for it all to fall apart. We watch and wait.

We’ll be back tomorrow.

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