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US Morning Brief: Everything You Need to Know as Russia Invades Ukraine

US Morning Brief: Everything You Need to Know as Russia Invades Ukraine

Richard Snow, Analyst
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Gold, USD, US Treasuries, S&P 500 and Crude Oil Update:

  • Russia carries out multi-directional invasion of Ukraine
  • Gold, US dollar and other safe-havens receive a massive boost
  • Oil trades above $100 while equity markets sell off

Russia Invades Ukraine from Multiple Sides

If you are waking up in the US this morning, you may be in for a shock as global financial markets react to the invasion of Ukraine as multiple reports of conflict emerge. Thus far the Russian assault has largely been targeted at Ukrainian military infrastructure.

Reports Emerging on the Conflict Thus Far:

  • US Envoy: We’re witnessing the Russians block airspace, send soldiers into Donbas, and shift forces into combat-ready positions
  • Ukrainian military: Five Russian planes and one Russian helicopter shot down in Luhansk region
  • EU’s foreign minister: The EU will adopt the harshest package of sanctions ever implemented
  • TASS Russian News Agency: In the Sea of Azov, two Russian civilian cargo ships were struck by a Ukrainian missile strike, with injuries reported
  • Witnesses report seeing black smoke rising over the Defence Ministry Intelligence Headquarters in central Kiev
  • Ukraine’s Border Officials: Russian helicopters are attacking Gostomel, a military airport near Kiev
  • NATO Sec. Gen. Stoltenberg: NATO will deploy capabilities and forces including NATO response force
  • Ukraine: Russian forces enter Kyiv region near Belarus border

Key Global Market Response to the Invasion

To view the full coverage for each of the below markets, as it happened, click on their respective links

Gold has been in the spotlight for a number of days already, steadily rising as threats of an ‘imminent invasion’ accelerated. The safe-haven asset shot up despite a simultaneous surge in the US dollar and remains elevated as the situation in Ukraine unfolds.

Gold Daily Chart

Source: IG, prepared by Richard Snow

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The US dollar, one of the most widely recognized safe-haven currencies, unsurprisingly also saw a massive move higher, building on yesterday’s advance.

US Dollar Basket (DXY) – Proxy for US Dollar Performance

Source: IG, prepared by Richard Snow

US Treasury yields were softer across the board, continuing the risk-off theme produced by the invasion.

US Treasury Yields (2, 5, 10, 20 year)

Source: Tradingview, prepared by Richard Snow

Strategist, Nick Cawley reported the following: Global stock markets have made fresh multi-month lows on news that Russian forces have invaded Ukraine, confirming Western fears.

The markets are now waiting for confirmation of increased sanctions by the US, EU, and the UK to Russia’s aggression and these embargoes will only add to the current heightened levels of volatility in a range of asset classes. While these new sanctions may eventually bring a level of calm to the market, in the meantime expect heavy swings either way in all equity indices.

S&P 500 Daily Chart

Source: IG, prepared by Richard Snow

For more on the FTSE and DAX, take a look at the full article.

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Strategist, Justin McQueen mentioned: oil prices have spiked higher, reflecting the geopolitical risk premium with both Brent and WTI crude futures breaking through the $100/bbl mark. As the conflict unfolds, risks will remain tilted to the upside in the commodity space with Brent crude futures heading towards $110-115/bbl.

Brent Crude Oil and WTI Futures Charts

Source: Refinitiv, prepared by Justin McQueen

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--- Written by Richard Snow for

Contact and follow Richard on Twitter: @RichardSnowFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.