Traders are in risk off mode as central banks are in focus this week. The Swedish central bank lifted rates by 100% rates today, and the Federal Reserve and the Bank of England are expected to deliver large rate hikes tomorrow and on Thursday, respectively.
The S&P 500 hit a new two-week high, and if the short-term rally continues, it might target 4197 or 4205.
Yesterday the markets cheered the news that Russia will be scaling back its military hardware on the border with Ukraine, but today there are reports that more Russian soldiers are being sent to the front line.
The US dollar is driving higher this afternoon following the surprisingly strong US non-farm payrolls report. Last month, 467,000 jobs were added and that comfortably topped forecasts of 110,000.
Eurozone and US stock markets are showing modest losses following two very bullish sessions.
Stock markets in Europe are in the red this afternoon as traders in this part of the world took their cues from the losses that were seen in Asia overnight.
The FTSE 100 is outperforming the major indices in the eurozone thanks to its relatively large exposure to oil and gas stocks, such as BP and Royal Dutch Shell.
There was some mild activity in the markets this afternoon following the announcement from Fed chief Jerome Powell.
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