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Currencies on a More Stable Footing Following Late Equity Rally

FOREX
  • Following the rip higher on Wall Street late Thursday, currency market sentiment is more favourable early Friday, helping the likes of AUD and NZD climb to the top of the G10 table, with USD Index holding well off yesterday's highs. This leaves major pairs hovering at and around recent lows, but looking slightly more solid relative to other sessions this week.
  • EUR/USD holds clear of the 1.1106 low printed yesterday, while EUR/JPY trades either side of the 129.00 handle at pixel time. Focus remains on the ongoing Ukraine crisis, with reports continuing to circulate of the Russian military presence in Kiev, placing further pressure on the Ukrainian government to accede to demands from the Kremlin on neutrality and a removal of Western military hardware from the country.
  • Outside of geopolitical risk, month-end flows will likely play a part into the London close, with most models pointing toward a USD-buying bias headed into the Friday fix.
  • US personal income/spending data for January crosses later today as well as prelim durable goods numbers. ECB's Lagarde is due to be speaking at 1400GMT/0900ET following a Eurogroup meeting and is expected to address the implications of the Ukraine crisis on the Eurozone economy.
  • Nonetheless, more attention will likely be paid to the sanctions and counter-sanctions traded between the West and Russia, as the Russian Parliament warn that they have prepared sanctions to hit the West's weak points. The NATO General Secretary speaks later today, holding a press conference at 1700GMT/1200ET.
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