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Economic and fundamental developments 23-02-2022

23 Feb 2022 12:14 PM
  • Several Asian stock indices rose today after bearish waves caused by the latest geopolitical concerns between Russia and Ukraine. The indices rose, accompanied by news of the possibility of China's adoption of a tax cut.
  • The US dollar stabilized against a basket of currencies trading around 96.00 points today ahead of important data expected later this week; these data include US GDP reading on Thursday and inflation on Friday.
  • Precious metals trimmed the week's gains today as gold prices fell after touching their highest level since May 2021, while silver also fell. Gold traded below the psychological barrier of $1900 for most of the Asian session.
  • After Brent crude contracts touched their highest levels in 7 years, oil prices witnessed a decline yesterday. The drop came despite geopolitical tensions in East Asia, in light of negotiations to revive the Iranian nuclear agreement.
  • The New Zealand dollar rose against a basket of currencies after the Reserve bank of New Zealand decided to raise interest rates today by 25 basis points to 1.00% as expected.

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