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US Dollar Index Briefly Makes 19-Month High, Advance Limited To 0.85%

FOREX
  • The greenback was firmly back in favour on Thursday as markets sought a flight to safety following the Russian invasion of Ukraine sparked widespread risk-off across global markets.
  • At one point the dollar index rose to the best level since June 2020, prompting weakness for all other G10 currencies. A late bounce in equities saw the dollar fall from best levels but remains just under 1% in the green approaching the start of the APAC session.
  • In turn, EURUSD fell steeply to a low of 1.1106, breaching the late January lows that resided around 1.1320. The geography of the events exacerbated moves in the single currency with EURUSD close to down 2% at its worst levels before regaining some poise back to 1.12.
  • Similar price action across the G10 space, with GBP (-1.03%), AUD (-0.91%), NZD (-1.2%) all bearing the brunt of the dollar strength, however, JPY, CAD and CHF also all retreated just over 0.5%.
  • Severe volatility in the Russian Ruble as expected. Early session highs of 88.2670 in USDRUB were approached around midday ET before the relief rally for risk prompted some support for the faltering RUB. Following the Biden press conference, USDRUB fell sharply to 84.00 before consolidating around the 85.00 mark, down 4.5% for the session.
  • Souring risk sentiment filtered through to emerging market FX was hit significantly, with CEE and Latam FX notably struggling throughout the day and unable to benefit from the late bounce in equities.
  • New Zealand Retail Sales kick off the APAC session before potential comments from Fed’s Waller. Tomorrow in the US, markets will receive US Core PCE Price Index and Durable Goods data. ECB’s Lagarde is then scheduled to hold an online press conference about Russia's invasion of Ukraine.
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