Ceasefire in the Ukraine? Important news looming, today

Frank Walbaum

Important News for the day

Wed, 12th 13:30 CET US Core consumer price index.
Wed, 12th,14:45 CET CA BoC rate statement.

BoC rate decision

Today’s data will be influenced from the interest rate decision by the Bank of Canada. A rate cut of 25 basis points is expected and might cause the Loonie to weaken further. A break of the 1.5900 technical resistance zone in the EURCAD currency pair might then be likely. Lower prices in general might be used for fresh long positions.

Market talk

The positive risk sentiment seems taking over financial markets today. Despite the generally bearish momentum currently, equities might be ready for a bounce higher. Recently, protective options in the stock market have seen a potential peak, which might be a reason of a turnaround. Also, the VIX has seemingly seen an intermediate high and might fall, which reflects the options market. Positive signs might also come from a potential ceasefire in the Ukraine, should Russian President Putin agree to it. Whether the pressure of the US have helped to support this situation might be debated but could in general also lead to oil prices falling further. The chart in USOIL suggests that the negative sentiment will continue.
On another note, the current weakness might cause Gold and Silver to run higher. In particular the positive sentiment in equities might drive the current demand for Silver.

Tendencies in the markets

Equities weaker, USD weak, cryptos weaker, oil weak, Silver positive, Gold positive, JPY weak.

Author

Frank Walbaum

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