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Bounce Extends as Signs Point to More Likely Diplomatic Ukraine Solution

FOREX
  • Markets are extending the move initiated on Tuesday, by pressuring haven currencies and boosting growth proxies as a diplomatic solution to the Ukraine crisis looks to be becoming more likely. While Western authorities continue to insist there are few signs of a Russian military withdrawal from Ukrainian borders, Russian news agencies continue to report the pullback of military columns from Crimea and territories bordering eastern Ukraine.
  • AUD/JPY is the strongest cross headed into the NY crossover, although early gains have faded as markets failed to hold above the 93.00 handle. The 100-dma undercuts as support at 82.69.
  • UK inflation data came in modestly ahead of expectations, with the ONS flagging the influence of clothing and footwear prices - which often fall in January - fell by the smallest margin since the series began in 2005. The data was sufficiently close to analyst expectations to leave market pricing relatively unchanged, with UK markets continue to see a persistent tightening cycle across 2022.
  • US retail sales for January cross later today, with markets expecting sales to have risen 2.0% across the month. Canadian CPI is also due, as well as CB speakers including BoC's Lane, Fed's Kashkari and the FOMC minutes.
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