Today's forex news: Dollar and Gold climb amid continued safety-
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Risk aversion was once again the primary market driver in the aftermath of Russia's invasion of Ukraine. The attacks continued throughout the weekend, resulting in numerous civilian casualties and the closure of all safe passages. The third round of talks ended with "small advances," according to Kyiv representatives, but nothing that would alleviate financial market pressure.
The American Dollar and Gold both benefited significantly from the gloomy mood, appreciating sharply. The EUR/USD pair fell to a new multi-month low of 1.0805 and is currently trading near that level. GBP/USD has also fallen, trading just a few pips above a multi-month low of 1.3101.
Gold futures rose to $2,002.64, its highest level since August 2020, but settled at $1,986 per troy ounce. WTI reached a high of $130.50 per barrel before retreating to the $120 price zone where it is currently trading.
The CAD and AUD began the day in the green against the dollar but lost ground throughout the day, eventually settling in the red. AUD/USD is trading near 0.7320, while USD/CAD is trading near 1.2800.
Global indices dipped slightly. While European indices pared some of their intraday losses prior to the close, US indices reported significant losses, with the DJIA shedding almost 600 points.
The US is on track to impose a total ban on Russian energy imports, effectively detaching Russia from the EU. President Joe Biden anticipated the censure, which was approved by the US Congress. Meanwhile, Bloomberg reports that the EU intends to reduce its reliance on Russian gas by about 80% by 2022.
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