Today's Forex News: EU-Russia tensions escalate; Russian-Ukraini
EUR/USD ⬇️
USD/JPY ⬆️
GBP/USD ⬇️
USD/CAD ⬆️
AUD/USD ⬆️
NZD/USD ⬇️
XAU ⬇️
WTI ⬇️
The euro fell as investors fretted about rising economic tensions between the EU and Russia following Russian President Vladimir Putin's reiteration of a demand that European nations pay for Russian gas in roubles, exacerbating fears that Russia could stymie energy exports to the continent. This, combined with a generalized retreat from recent euphoria about supposed progress in the resumption of Russo-Ukrainian peace negotiations on Friday, contributed to risk-off flows and a decline in global bond rates, with the latter being particularly pronounced in Europe. Thus, the euro was the G10 currency that underperformed, with EUR/USD falling 0.8 percent from intraday highs near 1.1200 to current levels in the mid-1.1000s.
The EUR/decline USD's aided the DXY's recovery, with the trade-weighted index of major USD pairings rising 0.5 percent to approximately 98.30 from weekly lows near 97.70. The upside was mostly unrelated to another increase in US inflation in February, as measured by the Core PCE Price Index, or to the latest very strong weekly jobless claims statistics, all of which bolster the economic basis for the Fed's recent hawkish tilt. Indeed, the US dollar was fairly mixed against the rest of the G10 currencies, with attention now going to Friday's release of the official US labor market report for March.
The Japanese yen was once again the top performing G10 currency, benefiting from the downside bias in global equity market activity and global bond yields, extending a much-needed month/quarter-end rebound following weeks of underperformance. USD/JPY has stabilized below 122.00. Meanwhile, the GBP/USD pair was slightly higher on the day, but stayed contained inside previous intra-day ranges in the mid-1.3100s and capped by its 21-Day Moving Average.
Finally, it was a mixed bag for the commodity-sensitive Australian, New Zealand, and Canadian currencies. USD/CAD was unchanged and was able to withstand strong losses in the crude oil complex following the announcement of the US's historic Strategic Petroleum Reserve release (1M barrels per day for the next six months). The pair remained below the 1.2500 mark and not far from previous multi-month lows hit earlier in the week in the 1.2430 range. Meanwhile, AUD/USD declined 0.3 percent to retest the 0.7500 level but stays comfortably within recent ranges and around multi-month highs in the mid-0.7500s, while NZD/USD fell 0.6 percent to retest the 0.6950 level, returning the pair to the middle of this week's approximate 0.6875-0.7000 ranges.
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USD/JPY ⬆️
GBP/USD ⬇️
USD/CAD ⬆️
AUD/USD ⬆️
NZD/USD ⬇️
XAU ⬇️
WTI ⬇️
The euro fell as investors fretted about rising economic tensions between the EU and Russia following Russian President Vladimir Putin's reiteration of a demand that European nations pay for Russian gas in roubles, exacerbating fears that Russia could stymie energy exports to the continent. This, combined with a generalized retreat from recent euphoria about supposed progress in the resumption of Russo-Ukrainian peace negotiations on Friday, contributed to risk-off flows and a decline in global bond rates, with the latter being particularly pronounced in Europe. Thus, the euro was the G10 currency that underperformed, with EUR/USD falling 0.8 percent from intraday highs near 1.1200 to current levels in the mid-1.1000s.
The EUR/decline USD's aided the DXY's recovery, with the trade-weighted index of major USD pairings rising 0.5 percent to approximately 98.30 from weekly lows near 97.70. The upside was mostly unrelated to another increase in US inflation in February, as measured by the Core PCE Price Index, or to the latest very strong weekly jobless claims statistics, all of which bolster the economic basis for the Fed's recent hawkish tilt. Indeed, the US dollar was fairly mixed against the rest of the G10 currencies, with attention now going to Friday's release of the official US labor market report for March.
The Japanese yen was once again the top performing G10 currency, benefiting from the downside bias in global equity market activity and global bond yields, extending a much-needed month/quarter-end rebound following weeks of underperformance. USD/JPY has stabilized below 122.00. Meanwhile, the GBP/USD pair was slightly higher on the day, but stayed contained inside previous intra-day ranges in the mid-1.3100s and capped by its 21-Day Moving Average.
Finally, it was a mixed bag for the commodity-sensitive Australian, New Zealand, and Canadian currencies. USD/CAD was unchanged and was able to withstand strong losses in the crude oil complex following the announcement of the US's historic Strategic Petroleum Reserve release (1M barrels per day for the next six months). The pair remained below the 1.2500 mark and not far from previous multi-month lows hit earlier in the week in the 1.2430 range. Meanwhile, AUD/USD declined 0.3 percent to retest the 0.7500 level but stays comfortably within recent ranges and around multi-month highs in the mid-0.7500s, while NZD/USD fell 0.6 percent to retest the 0.6950 level, returning the pair to the middle of this week's approximate 0.6875-0.7000 ranges.
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