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Oil has been stable at around USD130 a barrel over night

Oil has been stable at around USD130 a barrel over night

Information is not investment advice

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Ichimoku Kinko Hyo

CHF/JPY: The CHF/JPY pair is about to exceed an important resistance. A breakout would lead the exchange rate to hit the forthcoming level at 125.00. alternatively, a tumble of the market will push prices to find support at the upper level of the Kumo.

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Market View

President Biden issued an executive order that the US will ban imports of Russian fossil fuels and investments in the Russian energy sector. The ban applies immediately for new orders and allows 45 days to wind down existing orders. Oil has been stable at around USD130 a barrel over night. United Kingdom also announced it will gradually stop the use of Russian oil by the end of 2022. Additionally, it plans to reduce its gas needs from Russia as well.

Fitch Rating Agency, cut Russia’s rating by 6 notches to C, just 1 step above borrowers who already been driven into default. Markets price the default probability at 84%. Fitch also warned last night that Russian bond default is “imminent” specifically referring to the decision to pay holders denominated in foreign currency to be paid in roubles.

In the equity space defensives sold off the most, while cyclicals and banks - and especially European ones - outperformed. Major markets in the US ended the session as follows: Dow Jones down by -0.6%, S&P500 -0.7% and NASDAQ -0.3%. US futures point slightly higher this morning.

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