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Alleged Russian strike on Poland stirs market

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Two people have been killed in a missile strike near the eastern Polish border. The possible Russian attack on a NATO member has raised speculation that the Russian invasion of Ukraine will escalate. As a safe haven asset, spot gold rose to $1,778.8 an ounce, while WTI oil futures moved up slightly to $87. 01 a barrel.

On the other hand, US PPI readings were lower than expected, sparking hopes that the Federal Reserve will slow down rate hikes upon reducing producer price growth. The dollar was weakened against its peers . EUR/USD increased to 1.0348, and AUD/USD added over 60 pips to 0.6756.

GBP/USD climbed to a high of over two months at 1.1994 and closed at 1.1858, as Mitrade anticipated UK annual inflation data this afternoon would reach 10.7%. Once again, USD/JPY sank below the 140.0 level to 139.29, and USD/CAD declined to 1.3277.

Major US stock indices also enjoyed minor upticks. A gain of 56 points (+0.17%) was made on the Dow Jones Industrial Average , 34 points (+0.87%) on the S&P 500 , and 170 points (+1.45%) on the Nasdaq 100.