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Swiss Franc Retraces Monday Strength, Scandinavian FX Outperforms

FOREX
  • Price action for the majors remains subdued as equity markets continue to have large swings amid the geopolitical headline turbulence. A strong initial rally across equity/commodity markets was met with some US dollar weakness, however, renewed pressure on risk throughout US hours leaves the DXY unchanged for Tuesday.
  • EURUSD appears content trading between 1.1300-50 while USDJPY resides close to the week’s open just below the 115 mark.
  • More notable move seen in the Swiss Franc as the majority of yesterday’s risk-off induced strength was unwound. EURCHF climbed 0.73% to 1.0436, after the downward move fell shy of the 1.0300 support level.
  • Scandinavian FX were the strongest performers in the G10 space with commodity-tied currencies leading the way as Brent crude futures touched $99.50/bbl, the highest level since 2014. NOK leads the way, rising 1.38% against the greenback as the Russia - Europe Nordstream 2 gas pipeline falls victim to sanctions responses.
  • Late post-Biden relief rally in equities lent strong support to the Russian Ruble which is also seen over 1% in the green against the dollar with markets potentially expecting a wider array of strict sanctions from the US.
  • Australian Wage Price Index data overnight before the February RBNZ rate decision/statement. There is very limited scheduled event risk for Wednesday’s US session.
Energy BulletsCommodities
Energy BulletsCommodities

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