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Ceasefire Discussions Boost Risk Proxies, CHF Slips

FOREX
  • After a more placid Asia-Pac session, price action is picking up headed through the NY crossover as markets read positively into headlines concerning Russia and Ukraine. TASS newswire cites a Russian representative as saying that a statement on Ukraine talks is coming "in a few hours", adding that the main tasks of the first phase of the military operation have now been completed. Meanwhile, Ukraine's Podolyak stated that the two sides are discussing a ceasefire - headlines that have boosted risk sentiment and put equity futures at their best levels since late January.
  • In currencies, this has translated into EUR strength and weakness among haven currencies - CHF is the poorest performer so far, boosting EUR/CHF back toward the 50-dma at 1.0353.
  • Scandi currencies are outperforming into the NY crossover, with regional FX benefiting from the more positive tones emanating from Russia and Ukraine. As a result, NOK and SEK are the top performers so far today.
  • Data highlights Tuesday include the March US consumer confidence release as well as JOLTS job openings. The speaker slate includes ECB's Vasle and Fed's Williams and Harker.
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