Russia-Ukraine tensions to continue easing? That seems to be the suggestion judging by yesterday's undertones but we'll only know for sure in the day(s) ahead.
Commodity currencies are bouncing back decently while the yen is offered, keeping with the tone from before Friday last week.
Equities though may appear to be sluggish against the backdrop of inflation pressures and central bank tightening. That said, there is some optimism to be had.
For example, the DAX held at key support this week near 14,800 and could retest its key daily moving averages @ 15,621-29. Meanwhile, the CAC 40 index held at its 200-day moving average and traded back above its 100-day moving average of 6,949 yesterday. As for US stocks, the S&P 500 moved back above its own 200-day moving average of 4,454 with the Dow still testing a similar level @ 35,047.
Those will be key technical levels to watch in the event of any further equities bounce.
As for oil, the events yesterday was a good foreshadowing of a healthy correction and I'd still argue that there might be scope for prices to run lower before dip buyers reenter the picture.
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