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Haven Currencies Slip as Market Mood Improves

FOREX
  • Sentiment is on a more solid footing ahead of the NY crossover, with haven currencies edging lower while European cash stock markets and US futures improve. Markets are taking stock of recent headlines, with newsflow across Ukraine seemingly improving: Zelensky softened his demands to join NATO earlier in the week, a number of humanitarian corridors have opened up across several Ukrainian cities, Russia stated this morning that they have no intention of toppling the Ukrainian government, and it is "better" to achieve goals via talks - all of which point to a narrowing of differences between the two sides, and a possible de-escalation of tensions.
  • As a result, haven currencies including the USD are all on the backfoot, with JPY, CHF slipping against most others in G10. Moves have favoured the single currency and regional FX including SEK, HUF and PLN.
  • AUD continues to benefit from the fractured global commodity market, with AUD/USD oscillating either side of the 200-dma at $0.7318. Progress through 0.7441 would re-initiate the uptrend and negate the bearish signals that emanated from Monday's candle pattern: a bearish shooting star reversal.
  • The data schedule is light Wednesday, with no major tier one releases outside of the JOLTs job openings statistics for January. There are no central bank speakers of note.
Energy BulletsCommodities
Energy BulletsCommodities

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