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Renewed Optimism Prompts Euro Relief Rally, DXY Retraces Lower

FOREX
  • A significant recovery in European equities amid renewed hopes for a diplomatic solution to the Ukraine conflict, triggered a strong relief rally for the Euro. Additionally, the surge in sentiment weighed on the greenback with the dollar index falling over 1%, back to Friday’s lowest levels.
  • EURUSD broke through short-term resistance of Monday's intraday high of 1.0961 and was steadily supported throughout the trading day. The price action was stubborn and unrelenting as the pair registered a high print of 1.1095, marking a substantial 205-pip range. Resistance now resides at 1.1121, the low from Jan 28 and the recent breakdown level and comes into focus ahead of tomorrow’s ECB meeting and US inflation data.
  • Single currency strength was broad based, with Euro registering +1% gains against AUD, CAD, NZD, CHF and GBP and EURJPY posted a very decent intra-day advance of +1.7%.
  • Another notable upswing on Wednesday was seen for the Swedish Krona. The currency is set to register its best day against the greenback since at least 2011 and in turn, USDSEK has now retraced over half the war-induced rally, retreating back to 9.68 and the Feb 24 highs.
  • Aussie MI Inflation Expectations will be released overnight ahead of a vacant European data docket before the ECB statement and press conference. President Lagarde is scheduled to start talking as the US release their February CPI data, with the headline annual rate expected to jump to 7.9%. Eight surveyed analysts are expecting the figure to reach 8%.
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