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Greenback Reversing Late Friday Rally

FOREX
  • The greenback underperforms all others in G10 early Monday, with the dollar retracing a decent part of the late Friday rally. As a result, EUR/USD has recouped around 80 pips off the overnight lows of 1.1310, putting the pair back inside the 100-/50-dma channel. This keeps first support at 1.1333, with 1.1397 eyed on any rallies.
  • Equities are mixed, indicating little change in overarching market sentiment amid continued developments and headlines stemming from Ukraine. Focus rests on whether Biden and Putin will attend a summit between the two leaders, which provides the latest indication that a diplomatic solution could remain to the Ukraine crisis. In the meantime, markets continue to eye sporadic headlines on shelling and unrest in the eastern territories close to the Russian border.
  • Elsewhere, AUD trades somewhat firmer as commodity markets hold their ground to kick off the week. GBP/AUD trades toward the bottom end of the recent range, eyeing support at both 1.8836 - the Feb 17 low and the more significant support at the 1.8824 50-dma.
  • The Presidents' Day market holiday will likely keep markets quiet for the rest of the Monday session, with no notable data releases for the duration. Fed's Bowman makes an appearance, speaking to Community Bankers at 1615GMT/1115ET.
Energy BulletsCommodities
Energy BulletsCommodities

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