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CROSS ASSET: Risk-Off Move Starts To Fade

CROSS ASSET
EquitiesEM BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

Initial risk-off cross market reaction to the cancellation of the Zelenskiy-Kellogg press conference has started to moderate, with the broader BBDXY trading to fresh session lows (see recent USD bullet for greater colour on the FX move), equities also off worst levels and core global FI off initial reaction highs.

  • Nothing in the way of fresh fundamental drivers to explain the pullback.
  • Our best guess is that the market has started to view this as a continuation of already strained U.S.-Ukraine relations as opposed to a deepening/escalation of the situation.
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Initial risk-off cross market reaction to the cancellation of the Zelenskiy-Kellogg press conference has started to moderate, with the broader BBDXY trading to fresh session lows (see recent USD bullet for greater colour on the FX move), equities also off worst levels and core global FI off initial reaction highs.

  • Nothing in the way of fresh fundamental drivers to explain the pullback.
  • Our best guess is that the market has started to view this as a continuation of already strained U.S.-Ukraine relations as opposed to a deepening/escalation of the situation.