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Markets Consolidate Wednesday Moves, Focus Turns to ECB

FOREX
  • Markets are largely unwinding the sharp moves seen across the Wednesday session, putting regional currencies lower (notably SEK and NOK) while haven FX regains some recent lost ground. The greenback trades firmer, with markets watching for the growing prospect of a Zelensky - Putin face to face meeting in the coming weeks.
  • AUD remains the year's best performer by some margin, and is stronger again early Thursday, keeping the onus on the 0.7441 print from Mar 7.
  • Focus has been on the meetings held between the Russian and Ukrainian foreign ministers in Turkey today - both sides showed very little sign of backing away from their recent demands, with Lavrov reasserting that Russia will continue their military incursion in the country. A Putin-Zelensky meeting was floated, but the Russian foreign minister stressed that substantive specifics would be needed before any meeting could take place.
  • The ECB rate decision takes focus going forward, with the governing council seen opting to keep policy on hold, but note the building pressures to tighten policy into the second half of the year. US CPI also crosses, with markets expecting prices to have risen by 7.9% on a Y/Y basis, which would mark the hottest inflation read since the early 1980's.
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