Themes

• General mood is “risk off”
• Fed’s Daly: Four hikes this year my preference, likely it’ll be more
• U.S. stocks post their fifth consecutive down day; DJIA off more than 400pts

What’s Moving

With little on the overnight data calendar, players instead focused on the updates coming out of the Ukraine for trading incentives. News of the day was the White House formally calling the move an invasion. The lack of any meatier news did see some profit taking on risk trades, with the Dollar and JPY both slightly weaker on the day.

Equities also took a good hit overnight, weighed by the Ukrainian issues and on hawkish comments from Fed’s Daly.

Thoughts

Expect another quiet session in Asia today, with a lack of clear direction from overnight trade combining with a real lack of local data and events today.

The only major data slated for release today is Australian Capital Expenditure, which is expected to come in at +2.6%.

Pivot Points