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Regional Currencies Recovering, EUR/CHF Off Lows

FOREX
  • Regional currencies in close proximity to Ukraine are bouncing early Tuesday, putting the much beleaguered SEK and NOK at the top of the G10 pile. Recent outperformers - most notably the AUD - are weaker, with AUD/USD forming a bearish candle chart pattern during the Monday reversal, known as a bearish shooting star.
  • The greenback is more middling, with the dollar mixed against the rest of G10, while the EUR fares more favourably. The single currency saw some support in early Europe on the back of reports that the European Union are to unveil plans as soon as this week that detail sizeable joint bond sales with an eye on defence and energy funding. EUR/USD support put the pair just shy of the Monday NY high at 1.0932, which markets need to rally through in order to narrow the gap with 1.0969 - the 23.6% retacement for the Ukraine-inspired downleg.
  • In sympathy with the more solid price action in G10, equities in Europe are in the green and off lows - which has worked against CHF - the worst performer among developed market FX today.
  • The data slate is relatively light Tuesday, with US/Canadian trade balance on the books, following shortly afterwards by wholesale trade sales and inventories numbers. The pre-meeting Fed media blackout period keeps the central bank speaker slate quiet, with just RBA's Lowe on the docket.
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