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EURAUD Ends 12-Day Losing Streak, Rises 1.05%

FOREX
  • Despite a whippy session for global equity indices, the greenback trades in marginally negative territory, with the dollar index easing off highs and putting an end to a strong rally over the past five trading sessions.
  • Indeed, a bounce in risk prompted a small squeeze to 1.0958 in EURUSD before the pair consolidated the day’s half percent gains just above the 1.09 handle. Headlines regarding Ukraine no longer insisting on NATO membership seemed to spark a short squeeze in risk, although a prompt retracement ensued as the timing of said headlines was unclear and markets paid more attention to Russia potentially restricting imports, exports of some goods until the end of 2022.
  • Overall, EUR crosses were bolstered with EURCAD and EURAUD both rising over 1%, with the latter capping a 12-day losing streak for the pair.
  • Monday’s weakness in emerging-market FX was tempered and CEE FX saw a strong rebound on Tuesday. The Polish Zloty led the way, rising 2.3% against the Euro. The pair had completed much of said move before the central bank decision, however, the 75bp rate hike from the NBP may have helped underpin PLN.
  • Chinese CPI/PPI is due overnight and before potential comments from RBA Deputy Governor Debelle, who is due to participate in a panel discussion at the Economic Implications of the Digital Economy Conference, in Sydney.
  • With just US JOLTS data on tomorrow’s docket, the focus undoubtedly turns to Thursday’s ECB meeting and US inflation data.
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