The week kicks off on a mixed note as US President Joe Biden called Putin a ‘butcher’ and said in a speech in Warsaw that ‘for God’s sake, this man cannot remain in power. Then, the news that Shanghai is going to a phased lockdown didn’t help lifting the mood in Asia.
Oil, which rallied last Friday on news of a drone attack on a Saudi storage facility, slumped again this morning below $110pb. OPEC+ will announce its latest decision this week.
In the FX, the US dollar begins the week on strong footage, as the dollar index advances above the 99 mark on geopolitical tensions and the Fed hawks, but the flattening and the inversion of the yield curve bring about the worries of a recession in the US. The EURUSD slips below the 1.10 mark on the back of a stronger US dollar.
Besides the OPEC decision, investors will watch inflation data from the US and Eurozone, US jobs report, EV deliveries and US House vote on cannabis.
Pot stocks are on fire, as Bitcoin and Ethereum rallies over the weekend. Could the optimism last?
