Analyst: Oil prices will continue to be the biggest market driving factor.

Pepperstone analyst Michael Brown said in a report that oil prices will continue to be the biggest market driver, overshadowing the upcoming US February inflation data. Brown said that market participants found some comfort after US President Trump stated that the conflict would soon end. He pointed out, however, that the market will continue to trade based on news flow, while keeping an eye out for any signs of easing tensions. He said that although US inflation data is usually a key event to watch, the report to be released later today is unlikely to have much impact from a market perspective or on the Federal Reserve's policy outlook. He added that market participants "hardly care about the upcoming economic data" given the change in geopolitical backdrop.