Home Blog Market Analysis Weekly Market Analysis / 21 March - 25 March 2022

Weekly Market Analysis / 21 March - 25 March 2022

by AgaBullion
Weekly Market Analysis /  21 March - 25 March 2022

Last week, we followed global market inflation data and interest rate decisions. In addition to the data flow, news regarding the Russia-Ukraine war continued to focus on the markets throughout the week.

It was stated that while the European Central Bank kept the interest rate constant, in line with our expectation; and stated that the tapering program will decrease faster. President of the European Central Bank, Lagarde, stated at the press conference that the Russia-Ukraine war will affect economic activity and inflation; Lagarde stated that they revised their inflation expectations upwards.

 Annual inflation in the US rose to 7.9% in February. With the effect of the news flow that the USA was discussing an embargo on Russian oil with its allies, oil prices rose sharply at the beginning of the week, while the barrel of Brent oil rose above 130 dollars. During the week, US President Biden announced that the US has banned all energy, oil, and gas imports from Russia as part of the Ukraine war sanctions.

While the effects of the Russia-Ukraine war and the sanctions against Russia on the global economy reduce the risk appetite, as you know, safe havens are in demand in such cases, so gold has risen to over $2,070 an ounce.

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