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Buoyant Commodities Tilt AUD Higher Despite Dovish RBA

FOREX
  • Markets trade in a broadly risk-off fashion, with European equities sitting in negative territory (EuroStoxx50 off 2%, Germany's DAX off 2.3%) as traders watch the progress of sizeable military units headed toward Kyiv. The Russian defense minister further stressed that the Ukraine operation is to continue until Russia's goals are met. Russian capital markets remain largely closed for business throughout the Tuesday session, leaving markets to bid commodities higher alongside haven FX including CHF and JPY.
  • USD/JPY is making headway on a move through the Y115.00 handle, and is narrowing the gap with next key support layered between last week's low at 114.41 and the 100-dma of 114.42.
  • Elsewhere, AUD trades most solidly following the RBA rate decision overnight. While the bank kept policy rates unchanged (alongside expectations) and stressed that the current Ukraine crisis provides a major new source of uncertainty, buoyant commodity markets continue to underpin the currency, with oil futures and iron ore both on the front foot headed into the NY crossover.
  • Regional German CPI data is followed by the national read at 1300GMT/0800ET today, with focus then turning to Canadian GDP for Q4 and the February ISM manufacturing release. CB speakers of note include BoE's Saunders & Mann and Fed's Bostic & Mester.
Energy BulletsCommodities
Energy BulletsCommodities

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