Themes

· General mood is “risk off”

· Oil hammered on an FT article saying there are hopes for a ceasefire in the Ukraine

· USD/JPY continues to rise to fresh multi-year highs

What’s Moving

With little on the data calendar overnight, markets took it upon themselves to find some reason for volatility. First was an article out of the FT saying that there are hopes for a ceasefire in the Ukraine. This saw oil off more than $10/bbl and gold also weaker on the day.

U.S. stocks also found some support on the FT article.

Sterling was weaker on technical sales as stops were triggered, while the USD/JPY continued to rise to new multi-year highs.

Thoughts

Players will be relatively sidelined today, with hopes of a ceasefire in the Ukraine expected to keep the majority of participants glued to the news screens. Baring this, expect some light position adjustment after overnight swings.

Asian session data today sees:

· Japanese Unemployment (E: 2.8%)

· Australian Retail Sales (E: +0.9%)