Themes

· General mood is “risk off”

· Japanese Tokyo Core CPI slightly higher than expected at +0.8%

· Russian media: Russia threatens nuclear war if NATO sends peace keepers to Ukraine

What’s Moving

Russian state TV noted a threat of a universal nuclear war if NATO sent peacekeepers to the Ukraine from the Russian Secretary General. Interestingly, this news didn’t have much impact on trade.

Ranges were tight over the session, but there was some buying of Euro noticed just before Tokyo lunch. During the Tokyo lunch break. We saw some USD selling, mainly against the Yen and CHF, as players booked profit ahead of the weekend.

Tonight, expect the Russian threat of nuclear war to dominate headlines. There is also Michigan sentiment and Pending Home Sales numbers to be released out of the U.S.

Data tonight includes:

· U.K. Retail Sales (E: +0.6%)

· German IFO Survey (E: 94.2)

· U.S. University of Michigan Consumer Sentiment (E: 59.7)

· Pending Home Sales (E: 1.0%)