NAB – The Morning Call · Day 12 brought more volatility, the search for safety
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Day 12 brought more volatility, the search for safety

Tuesday 8th March 2022

Day 12 of the war in the Ukraine brought more violence and uncertainty. Russia’s offer of a temporary ceasefire so residents could escape was given short shrift when it was clear the escape route was to Russia or Belarus. It was a strong risk-off session across all asset classes, with Brent getting over $139 for the first time since 2007. The Aussie dollar has lost a lot of ground, with NAB’s Ray Attrill saying the US dollar is now the pre-eminent safe-haven currency. Even the Yen has failed to perform its traditional safe-haven role, demonstrating how far and wide the impact of the oil price shock is having on global markets, with no signs of a way out anytime soon.

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