Themes

· General mood is “risk off”

· RBA’s Lowe: Won’t respond until then is evidence of widespread price pressures

· Ukraine’s Zelensky: Prepared to discuss commitment for Ukraine not to join NATO.

What’s Moving

A very quiet local session in Asia today, with the market taking a breather from recent wide ranging, sideways trade. The Dollar caught a small local bid, extending ranges on both the Euro, the CHF and the Yen although the upside was on light volume and didn’t have a great deal of follow through.

RBA’s Lowe hit the tapes and continued his recent dovish tone. Not sure what the RBA is trying to do here. They are talking down rate rises amid a huge rise in input prices and as other central banks are raising rates. Expect calls for the RBA being behind the curve to emerge shortly.

Ukraine PM Zelensky said that he was prepared not to join NATO is it would stop the Russian attack.

Data slated for tonight includes:

· U.K. Public Sector Net Borrowing (E: 8.5bln)

· Euro-zone Current Account (E: 24.3bln)

· U.S. Richmond Fed Manufacturing Index (E: 2)