In the forex, the USDRUB spiked higher reaching near 89.00, but has since come off and trades near 83.699 in volatile trading. That is still above the close from yesterday at 80.88. The Russian central bank is trying to stabilize the its currency. The Russian stock market had it’s worst day on record.
The JPY and USD have been supported, while the EUR is being sold.
In response, the NATO leaders will meet this morning along with the G7 leaders. Pres. Biden is scheduled to speak this afternoon. Expect the EU to block Russian businesses access to key technologies and markets. Expect freezing of Russian assets and Russian banks access to European financial markets. It is unclear if that means denial of service from the SWIFT payment system..
A snapshot of the markets shows:
Spot gold is trading up $54 or 2.85% at $1962
Spot silver is trading up $0.76 or 3.04% $25.28
WTI crude oil is trading up $6.85 at $98.93
Bitcoin is trading down to $35,209. That is down near $2000 from the close yesterday
In the premarket for US stocks, the major indices are down sharply. The Dow and NASDAQ is working on its sixth day down in a row while the S&P is now working on its fifth consecutive down day
Dow is down -763 points points after yesterday’s -464.85 point decline
S&P is down -95 points after yesterday’s -79.28 point decline