This is what you need to know to trade today Tuesday February 21:
Following the subdued activity on Monday, markets appear to have turned cautious early on Tuesday as geopolitical tensions escalated. S&P Global will publish the surveys Preliminary February PMIs for Germany, the Eurozone, the United Kingdom and the United States. will also be published ZEW survey of Germany. Later, Existing Home Sales will be published and Bank of Canada inflation figures.
Secretary of State Antony Blinken told China’s top diplomat Wang Yi at the Munich Security Conference that they had information suggesting that China planned to provide lethal support to Russia. On the same matter, the Russian media reported that it was expected that Wang Yi will visit Moscow on Tuesday and possibly meet with Russian President Vladimir Putin.
Meanwhile, the US President Joe Biden unexpectedly traveled to kyiv and met with Ukrainian President Volodymyr Zelensky. In a subsequent joint press conference, Biden reiterated that The United States will continue to support Ukraine in its fight against Russia for as long as it takes and stated that the war of Russian conquest is failing.
Putin will deliver his state of the nation address to the Russian Federal Assembly at 09:00 GMT and will address both chambers of Parliament, during which he will analyze the international situation after the extensive Western sanctions against Moscow.
Reflecting risk aversion in markets, US stock index futures are down 0.3-0.4% early Tuesday. The DXY Dollar Index, which was down slightly on Monday, is clinging to modest gains around 104.00 in European morning.
He EUR/USD continues to trade in a tight range below 1.0700 on Tuesday. Olli Rehn, member of the Governing Council of the European Central Bank (ECB), declared on Tuesday that it would be appropriate for the ECB to continue raising rates beyond March. Later, the ECB President, christine lagardewill answer questions from Finnish public television.
He GBP/USD It is relatively quiet as of early Tuesday and continues to trade in a tight range above 1.2000. British Foreign Secretary James Cleverly said on Monday that will hold further talks with the EU in the coming days on the Northern Ireland Protocol. Cleverly is expected to address Conservative MPs on Wednesday to discuss the negotiations.
The Governor of the Bank of Japan, Haruhiko Kuroda, stated early on Tuesday that wage growth in Japan will likely accelerate as companies raise wages to compensate households for the higher cost of living and deal with intensifying labor shortages. These comments have not provoked a notable reaction in the markets and the pair USD/JPY It is trading slightly higher around 134.50.
The price of gold It posted small daily gains on Monday but has pulled back below $1,840 by early Tuesday. Following the three-day weekend, the 10-year US Treasury yield remains in positive territory at 3.86%, weighing on XAU/USD.
He Bitcoin regained its traction on Monday and rose more than 2%. At the time of writing, BTC/USD is trading one step away from the key $25,000 level. He ethereum It is trading around $1,700 in European morning trading after breaking a two-day losing streak on Monday.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
