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Extension Of Weakness In Equities Weighs On AUD, Boosts USD

FOREX
  • Global equity indices continued their plunge on Monday as tensions surrounding Ukraine exacerbated the dampening risk sentiment. While volatility in global markets has remained high, intra-day ranges for G10 FX remains fairly contained in comparison.
  • With that said, the greenback is higher with the dollar index rising 0.3% as investors sought a flight to quality and risk tied currencies did come under pressure.
  • The Australian dollar is the standout, weakening 0.71% and briefly dipping back below the 0.71 handle for the first time in a month. The recent sell-off represents a concern for bulls and today’s move lower prompted a breach of 0.7130, Jan 7 low. The 0.7082 Low on Dec 20 is a key short-term support before the significant support residing just below the 0.70 mark.
  • GBP, NZD, CAD and CHF all similarly came under pressure, falling by between 0.3-0.5% on Monday.
  • Greater pressure was seen in emerging markets with the Russian Ruble extending its decline. USDRUB will likely end the day up 1.75% having risen above the 2021 highs around the 78.00 level. With risk on the backfoot, the South African rand also slumped to a 1.4% loss with the broad basket of emerging market currencies losing 0.66% to start the week.
  • Australian CPI data will be published overnight before German IFO during the European session. All focus will be firmly on Wednesday’s central bank decisions from both the Fed and the BoC.
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