From Marc Chandler at Bannockburn Global Forex:
There have been two key developments this week and they are both evident today. The first is the continued pullback in oil prices. August WTI is off almost 9% this week, after dropping as much last week and 5.25% the week before. It is near $69 compared with slightly below $66 before the war began. September Brent is off a little more than 9% this week after a 7% drop the previous week and 5.2% the week before that. It is slightly below $73 compared with a little more than $70 before the war. The second is the meltdown in technology shares. As one would expect, it is most evident in the large bourses in Asia and the Nasdaq in the US.
The US dollar is mostly softer today, though the decline in oil prices has taken a toll on the Norwegian krone. It is off around 0.3% today and has been tagged for nearly 2% this week. The Dollar Index is off about 0.25% ahead of the North American session, and, if it is sustained, it would be the largest decline since early May....
....MUCH MORE
