Themes

• General mood is “risk off”
• RBA Minutes remain broadly dovish
• Currency markets quiet in Asia today, gold and oil both higher

What’s Moving

All quiet in Asia today, with a lack of local data incentives coupled with most players on “War Watch” in the Ukraine. Most of the majors held tight ranges within overnight constraints. The exception was the USD/CHF, which did extend down slightly.

Oil and gold prices have continued to troll new highs, although local volumes have been light.

RBA Minutes did not surprise today with the Australian Central Bank still pushing the cautious angle on rate hikes.

Tonight should again be dominated by position adjustment, with most players seen a holding long USD positions into a result on the Russian / Ukrainian standoff.

Data tonight sees:

• U.K. Unemployment Rate (E: 4.1%)
• German Zew Index (E: 55.1)
• U.S. PPI (E: +0.5%)
• U.S. Empire State Manufacturing Index (E: 11.9)