USDIndex ticked up to 107.00, as EUR slipped over 1% before recovering following the Russian announcement of further cuts to European gas supplies. FX markets subdued ahead of FED later today. US Stocks declined (NASDAQ -1.87%), Walmart -7.6% (profits warning) Coinbase -21% AMZN -5.23% Shopify -14%. However after hours GOOGL & MSFT up 5% & 4% after Earnings. Unilever, Coke & McDonald’s all warned of higher prices. Asian markets mixed  (Hang Seng -1.2%, Nikkei +0.23%). European FUTS higher. Yields up again +0.56%, but 2/10yr curve remains inverted. Oil holds $95, Gold slipped to lower and BTC holds under $22k.

• USDIndex up, to resistance at 107.00 – holds at 106.80. 
• Equities – USA500 closed -45.79 pts (-1.15%) (3921), US500FUTS at 3957 now. 4th 8%+ rally of the year, previous 3 have resulted in lower lows..bottom in or dead cat bounce? 
• Yields 10-year yield recovered to close at 2.787%, trades higher again at 2.8068% now. 
• Oil – in–focus rallied to $98 the news from from Russia, since declined to $95. 
• Gold  had another weak session $1727 to $1714 now up to $1718. 
• Bitcoin sank again to trade at $21.1K now. 
• FX Markets – EURUSD remains pressured came with 7 pips of 1.0100 and trades at 1.0225, USDJPY tests to 137.00 now. Cable holds over the key 1.2000, capped at 1.2080. 

Overnight – AUD CPI in-line (21-yr high) at 1.8% & German GfK missed -30.6 vs -27.7. 

Today – US Durable Goods, FOMC announcement and Chair Powell’s press conference Earnings from Airbus, BASF, Deutsche Bank, Equinor, BATS, GSK, Lloyds, Rio Tinto, Credit Suisse, Meta, T-Mobile, Boeing.

Biggest FX Mover @ (06:30 GMT) AUDCAD (-0.30%). Rejected 0.8950 again earlier and tested to .0.8900 a key support. MAs aligned lower, MACD histogram negative & falling, RSI 38 & falling,  H1 ATR 0.00127, Daily ATR 0.00697.

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Stuart Cowell

Head Market Analyst

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