Market Updates at a Glance: 31 March 2022 (Thursday)
☛U.S Stocks Subdued amid risk-off mood. Market focus on Bond market & Ukraine Developments.
➤S&P 500 softened after a four-day winning streak as investors closely watching the yield curve inversion for recession signals and developments in Ukraine.
➤The US dollar index slipped below 98 as treasury yields were lower across the curve. The 10-year treasury yields fell to 2.35%. ADP data was higher than estimates in March while Q4 GDP was unexpectedly lower at 6.9%.
>March ADP employment report: 455k (actual) vs. + 438k(estimate)
>Q4 GDP (Final Estimate): 6.9% (actual) vs. 7.1% (estimate)
>ADP (Automatic Data Processing, Inc.) analyzes payroll data from more than 23 million workers to derive employment growth estimations.
➤GBP & EUR edged higher amid the weakness of the greenback. GBP was higher above 1.31 while EUR rose for a second day to 1.1158. Germany's inflation surged to 7.6%, the highest since 1985 and two-year bond yield jumped for a second session bolstered expectations the ECB may have to hike rates sooner.
➤Gold churning sideways around $1920, Fibonacci 38.2% level as Russia downplayed the peace talk progress.
➤Oil (Brent) was little changed around $112 with prospects of new sanctions on Russian oil.
➤BTC & XRP were little changed. BTC was under pressure below the 200-day moving average at $47,074.
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