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CROSS ASSET: Dollar Pares Sudden Drop With Ukraine Headlines Reconsidered

CROSS ASSET
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Several contacts cited prominent headlines that Ukraine was contemplating swapping territory with Russia as part of a peace deal for USD selling in the last half hour of trade. MNI is not seeing any substantive headline driver (BBDXY falls 0.2% to 1298.78 low, bounces to 1300.35 last), which also sees Tsys bounce mildly while Equities inch higher.

  • The coincident AFP headline that potentially triggered the strength in the Euro and Euro equity futures starting at 14:28ET - " Ukraine prepared to offer territory swap with Russia: Zelensky" - is actually a rehash of a Guardian interview with Zelensky that happened hours earlier.
  • It's plausible the resurfacing of this news triggered algorithmic trading - the move has largely reversed. Otherwise we don't have much of an explanation from a headline perspective.
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Several contacts cited prominent headlines that Ukraine was contemplating swapping territory with Russia as part of a peace deal for USD selling in the last half hour of trade. MNI is not seeing any substantive headline driver (BBDXY falls 0.2% to 1298.78 low, bounces to 1300.35 last), which also sees Tsys bounce mildly while Equities inch higher.

  • The coincident AFP headline that potentially triggered the strength in the Euro and Euro equity futures starting at 14:28ET - " Ukraine prepared to offer territory swap with Russia: Zelensky" - is actually a rehash of a Guardian interview with Zelensky that happened hours earlier.
  • It's plausible the resurfacing of this news triggered algorithmic trading - the move has largely reversed. Otherwise we don't have much of an explanation from a headline perspective.