In the last week, inflation data in the USA and the interest rate decision of the European Central Bank were followed. The developments regarding the Russia-Ukraine war continued to be in the focus of the markets throughout the week. While the European Central Bank kept the interest rate constant as expected, it was stated that the asset purchase program would be reduced faster. President of the European Central Bank, Lagarde, stated at the press conference that the Russia-Ukraine war will affect the economic activity and inflation, and stated that they revised their growth expectations downwards and inflation expectations upwards. Legerd announced that it will stick to its plans to end its pandemic-induced bond purchases this month and will gradually end all asset purchases in the summer if inflation does not fall fast enough. 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 reduced the risk appetite, gold rose above $2,070 an ounce with safe asset purchases.
