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EUR Extends Pullback From Important Resistance

FOREX
  • EUR is underperforming so far Monday, with EUR/USD extending the pullback off last week's highs at 1.1185. An important S/T resistance has now been defined here, marking the Mar 31 high.
  • Newsflow surrounding Ukraine remains a key focus, with reports suggesting a further pullback of Russian forces from cities and territories in the west and northern parts of the country - most notably the areas surrounding Kyiv. Despite the de-escalation of military tensions in these areas, accusations of uncovered evidence of war crimes will add additional pressure on western leaders to tighten the sanctions grip on Russia. This keeps energy prices underpinned on the continent and is helping CAD and NOK holding close to recent highs.
  • SEK, EUR and JPY are among the poorest performers so far today, while AUD< CAD and NOK trade well.
  • Data focus turns to February US factory orders and the final read for durable goods orders. The speaker slate is similarly light, with just BoE's Cunliffe on the docket.
Energy BulletsCommodities
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