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US Dollar Retraces Monday’s Gains As Equities Recover

FOREX
  • The greenback lost favour on Tuesday as Equity indices recovered on reports of de-escalation at the Ukraine border, reviving risk appetite across global equity markets.
  • The dollar index find itself 0.4% lower approaching the end of the US session, giving up the entirety of yesterday’s advance.
  • EURUSD found good support below 1.1300 and has bounced. The pair now sits between key short-term resistance at 1.1495 and strong support of 1.1267, the Feb 2 low. A breach of this support would signal scope for a deeper retracement of recent gains.
  • Risk-tied Antipodean FX had a good showing with both AUD and NZD rising 0.35%, however, GBP and CAD remained broadly unchanged ahead of their respective inflation prints, scheduled for tomorrow.
  • With the Euro strength and the easing geopolitical tensions, CEE FX saw strong support, with RUB, PLN, HUF and CZK all rising over 1%. SEK was a notable outperformer (USDSEK -1.07%), continuing to unwind the post Riksbank Krona losses.
  • Overnight, markets will receive CPI/PPI data from China before later in the day, both the UK and Canada also release consumer price data. The early US session will be headlined by January retail sales before markets try and extrapolate any clues from the slightly dated FOMC minutes of the January meeting.
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