Themes

• General mood is “risk off”
• Australian Trade and Retail Sales numbers close enough to expectations to be shrugged off
• Amid the recent Covid and inflationary concerns, markets are starting to watch the Ukrainian / Russian border, were both countries are building their military presence

What’s Moving

Quiet day in Asia today, with little of note hitting and tapes and with what data was released today (Australian Trade and Retail Sales) both coming in close enough to expectations not to bother.

Quiet ranges on all majors in Asia today, with some consolidation seen amid the overnight USD strength. Sterling is getting hit a little here in Pre-London trade, but everything is still holding recent ranges.  Sterling does look most likely for a move at this stage.

Thoughts

After a quiet Asian session, players will be looking for fresh incentives in Europe and the U.S. tonight, with the Dollar bid seemingly a little shaky and risk being to a bit of a retracement.

Euro-zone PPI and Unemployment are the only key releases there tonight, while the U.S. will release Initial Claims later this global session.

None of this data is expected to have a major impact on trade and traders will remain focused on news sites to see any further expansion of the Omicron Covid variant.