Ukraine-Russia talks reach a stalemate
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A very active day concluded with the American Dollar trading mixed across the foreign exchange market. USD gained ground against Euro rivals and the JPY but fell against commodity-linked currencies.
EUR/USD is below 1.1000, while GBP/USD is barely above 1.3100. The AUD/USD currency pair is trading near a daily high of 0.7363, while the USD/CAD currency pair is trading near 1.2750.
Russia and Ukraine's four-round peace negotiations ended abruptly and without an agreement on a ceasefire or humanitarian corridors. International sanctions against Russia continue to accumulate, but Moscow has shown no sign of relenting after fifteen days.
The European Central Bank published its statement on monetary policy. As expected, rates remained steady. On the other hand, Lagarde announced a change to their Asset Purchase Program (APP), which will now conclude in the third quarter of this year. April's APP will total 40 billion euros, May's will total 30 billion euros, and June's will total 20 billion euros.
President Christine Lagarde stated that Moscow's invasion of Ukraine is a watershed moment for Europe and has created a new downward risk, reiterating their commitment to "do everything within our mandate to pursue price stability." The central bank cut its growth predictions downward.
The US announced its February Consumer Price Index, which came in at 7.9 percent year on year, unchanged from its 40-year high. The headline added to the pressure on Wall Street, which was already feeling the strain of geopolitical instability. US indices remain in the red heading into the close but have recovered more than half of their initial losses.
The US 10-year Treasury note yield reached 2.02 percent and is expected to settle around that level.
Gold ends the day unaltered, well below the $2,000 level. Crude oil prices have dipped, with WTI trading at roughly $106.20 per barrel. The decrease in oil prices was ascribed to Russian President Vladimir Putin's statements that Moscow would adhere to its energy promises.
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