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Safe Havens In Favour Amid Continued Slide In Equities

FOREX
  • Global equity indices remained under pressure with Russia/Ukraine tensions the driving factor behind the waning global risk appetite. While currency markets continue to play second fiddle to the volatility experienced in equity markets, the Swiss Franc and the Japanese Yen did outperform in the G10 space with risk-tied FX broadly on the retreat.
  • USDJPY fell 0.37% to 113.70, however, much more significant moves were seen in the crosses with the likes of AUDJPY, NZDJPY and CADJPY all falling just shy of 1%.
  • In similar vein, the EUR was underpinned by solid demand for EUR crosses and it is worth noting a strong bounce for EURGBP after being unable to break significant technical support at the 0.8300 mark.
  • The dollar index is slightly in the red for Friday although the DXY looks likely to post 0.5% gains for the week.
  • Notably, USDRUB did break to the highest levels for the year, rising 1% on the day to 77.50. This represents the highest levels for the pair since April 2021.
  • Ongoing developments on the Ukrainian border will likely dominate the early price action next week, however, the release of manufacturing and services flash pmis will provide the markets with their first set of data for the week.
  • In focus will be both the Federal Reserve and the Bank of Canada due to release their monetary policy decisions/statements on Wednesday.
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