Get the Forex Forecast using fundamentals, sentiment, and technical positions analyses for major pairs for the first week of March 2022 here.
Market sentiment is dominated by the Russian invasion of Ukraine which began last Thursday. As news of the invasion became clear, risk assets such as stock markets dropped sharply worldwide,
However, within a day, risk appetite recovered, stock market recovered their gains, and crude oil, gold, and other commodities gave up their strong gains. and that the Russians seem to be acting quite carefully so far, so as not to not inflict heavy civilian casualties. It seems clear that the Russian strategy was to go in lightly and hope that Ukrainian resistance would collapse quickly. This strategy has not worked well for the Russians, who have not been able to enter Kiev in strength, while their advance seems bogged down. Ukraine has been able to put up a more effective defense than had been generally expected by analysts.
It should be noted that events in eastern Europe have the potential to worsen significantly and could lead to a clash between NATO and Russia which would almost certainly cause strong risk-off moves in markets.
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