STATE OF THE MARKETS

Dollar spiked as algos fixed metals lower. US stocks managed to stage a rebound after a series of algos trading fixed gold and silver lower that spiked the Dollar index near the 97.80 barrier before settling lower at 97 the figure. Dow (+0.28%), Nasdaq (+3.34%), and S&P (+1.50%) including Russell (+2.67%) rallied on short covering while bond demands sent yields lower. The shorter 2Y fell to 1.58%, 5Y to 1.87% and the longer 10Y to 1.97% while the 30Y to 2.28%.

In the commodities market, Russian attack spiked major commodities higher before algos trading kicked in to fixed the assets lower. Crude spiked near $100/bl before settling around $92.50/bl while gold spiked near $1,975/oz before settling around $1,903.50/oz as New York closed. Elsewhere, iron ore fell to $143/tn as new sanctions were imposed on Russia.

In the FX space, King Dollar seized the helm of demand across all horizons as traders and investors sought safe haven safety. Demand for safe-haven Swiss and Yen remained elevated across all horizons with Loonie in the short-term, Kiwi in the medium term and Aussie in the long term.

On Friday, markets will wait and see the latest development in the Russian-Ukraine war as well as earnings reports from CIBC (CM), Sempra Energy (SRE), Li Auto (LI), Icahn Enterprises (IEP), Foot Locker (FL), Lamar Ads (LAMR), Lending Tree (TREE), Northern Oil & Gas (NOG), Biohaven Pharma (BHVN) and Starwood (STWD). US Personal Income and consumer sentiments will also be in the spotlights to assess the health of the US economy.