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US Dollar Firms As Geopolitical Risks Reverberate

FOREX
  • The greenback came back into favour on Friday as a multitude of Russia/Ukraine headlines left risk on the backfoot for the majority of Friday’s trading session. The Dollar Index rose a quarter of a percent to 96.05 and was unaffected by the late bounce in equity benchmarks.
  • Greenback demand brought the index back close to unchanged in a week where currency volatility played second fiddle to the swings seen in equity/bond/commodity markets.
  • EURUSD remains strictly rangebound on the 1.13 handle with the significant technical range of 1.1280-1.1495 demanding respect for now. In similar vein, USDJPY remains in a tight range either side of 115 with e-mini S&P futures making fresh three-lows unable to spark any weakness in the pair.
  • Once again, the Ruble was the worst performing currency pair, weakening 1.37% against the greenback as of writing. The next target for USDRUB resides around 77.62, the February highs. RUB weakness had some spillover effects into TRY and ZAR, weakening 0.56% and 0.92% respectively.
  • President’s day in the US on Monday, however, markets will remain attentive to any developments on the Ukraine border. Additionally, there are European Flash PMI’s that may garner focus in the European session.
  • Highlights next week will be the RBNZ meeting and rate decision as well as US Core PCE Price Index.
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