Putin isn’t hanging about, Crimean parliament has already agreed to join Russia and is planning a referendum in ten days time. It seems that Putin is trying to rush things through as quickly as possible under the guise of “It’s what the people want” before the West can get agree on what action needs to be taken.
The US has retaliated by saying they are ready to implement sanctions within days, which would hit Visas, business ties and individual asset freezes on certain Russian officials.
No country in Europe seems to want to rock the boat too much at this stage. If you wonder why, then here’s a reminder – “France has a deal to sell warships to Russia that it is so far not prepared to cancel, London’s banks have profited from facilitating Russian investment, and German companies have $22 billion invested in Russia.” – Business Insider
Recent ranges have been very low with the lowest YM range of the year being put in yesterday at a measly 61ticks. The good news is, that after low range day the likelihood of the next day putting in a big range is quite high. Although we do have Non Farm Payrolls tomorrow which could hold traders back until then. Crude Oil is back in play with a $2 move to the downside yesterday, the front month is currently trading under $101.
Market Ranges – Data taken from first trading day of 2014 to 2nd March 2014, updated each Monday