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Dollar Drifts as Russia Outline Plans to Slash USD Holdings to Zero

USD
  • The USD is slipping ahead of NY hours, reversing earlier session strength as markets respond to the outlined plans for the Russian Wealth Fund to cut their USD holdings to zero. The shift sees the wealth fund instead rotate into primarily EUR, Gold and CNY and, to a lesser extend, JPY and GBP.
  • EUR/USD added around 20 pips to trade back above the $1.22 level, while GBP/USD showed briefly back above $1.42.
  • US equities ebbed lower following the headlines, with the e-mini S&P shedding around 10 points to hit new daily lows of 4,190.00.
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