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Sharp Downtick For Major Indices Amid Crypt Rout, USD Stabilises

EQUITIES
  • No specific driver for the latest turnaround in equities/usd aside from the Putin headlines attached above and the extension lower for crypto assets as Bitcoin sinks below $19,000.
  • Bitcoin and most other cryptocurrencies are sharply lower on Tuesday as Binance's announcement that it will acquire FTX is fuelling renewed liquidity fears in the industry.
  • This coincided with the greenback pausing its selloff as EURUSD made a new marginal two-pip high above touted resistance at 1.0094, prompting a brief but sharp 35 pip reversal to 1.0061.
  • Additionally, ECB’s Wunsch continues to speak, highlighting that the base case is for a technical recession.

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