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Potential For Biden-Putin Summit Provides Reprieve

FOREX

Initial risk-off moves have been unwound on the back of headlines surrounding diplomatic efforts spearheaded by French President Macron to defuse the Ukraine crisis. The Élysée confirmed that U.S. President Biden & Russian President Putin have agreed "in principle" to hold a security summit on the condition that Russia does not invade Ukraine, with necessary groundwork to be laid by respective chief diplomats during their Thursday meeting.

  • Initial JPY strength has evaporated as high-beta FX have regained poise. The DXY has faltered, with U.S. markets closed in observance of a local holiday today.
  • Spot USD/CNH has ticked off lows after the PBOC kept its Loan Prime Rates unchanged, albeit the rate has remained comfortably within the confines of the prior day's range.
  • PMI data from across the globe headline the data docket today. Speeches are due from Fed’s Bowman, ECB's de Cos & Riksbank’s Floden.
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