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Greenback Firms Amid Shaky Sentiment, EURUSD Back Below 1.1300

FOREX
  • The US dollar remained well supported throughout Monday as risk sentiment deteriorated over mounting tensions regarding Ukraine. The dollar index edged slowly higher from the open, registering a 0.3% advance on Monday. Currencies, however, remained the sideshow to volatile trading in both equity and bond markets.
  • Both EUR (-0.45%) and NZD (-0.45%) exhibited the most notable weakness, suffering from the dollar strength.
  • EURUSD in particular continues to grind lower, spending the latter half of the session back below 1.13 and in close proximity to the ECB-day lows at 1.1268. A key short-term resistance has now been defined at Thursday’s high of 1.1495 and broader moving average signals still suggest the medium-term trend is down. Key short-term support has been breached through 1.1320, the top of the former channel.
  • Despite the shaky risk backdrop, emerging market currencies seem to be trading resiliently with roughly half percent advances in RUB, ZAR and MXN.
  • A busier data calendar on Tuesday with RBA minutes overnight and then UK unemployment data followed by German ZEW sentiment figures. US PPI and Empire State Manufacturing headlines the US schedule.
  • Additionally, German Cahancellor Scholz is scheduled to visit Moscow on Tuesday, where he plans to hold talks with Russian President Vladimir Putin.
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