The EURUSD pair resumes its negative trading to move below 1.1000 level now, reinforcing the expectations of continuing the bearish trend due to continuing conflict in Eastern Europe. Russian attacks on Ukraine escalated over the weekend, and the Kremlin noted that there is no room for a meeting between President Vladimir Putin and his Ukrainian counterpart, Volodymyr Zelenskyy, before significant progress is made in talks.
The main point is how the Europeans will become independence on Russian energy which affects economic growth in the Union, with huge sanctions in the middle. Government bond yields are on the rise as speculative interest fears inflation will heat up further on the back of soaring oil and gas prices. In this scenario, European stocks trade mixed, with Wall Street set to open with modest losses.
The macroeconomic calendar doesn’t have much to offer today. Germany published the February Producer Price Index, which rose to 25.9% YoY, slightly below expected. The US session will include a speech from Federal Reserve Chair Jerome Powell, due to speak about the economic outlook at the National Association for Business Economics Annual Economic Policy Conference.
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