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USD Touches Fresh Cycle Best as Putin Rounds Up Troops

FOREX
  • Risk appetite took an early knock in European hours as President Putin began his delayed address to the nation, confirming that a partial mobilisation is effective today across Russia. The decree sees reservists called up to the armed forces, with the Kremlin looking to use imminent referendums as justification to send in more troops to defend what they see as newly-earned Russian soil.
  • As a result, haven currencies are the outperformers, with the greenback on top and putting USD Index at a new cycle high of 110.869. Putin's call suggests the Ukraine war will likely persist through the winter, and could elicit a response from Western powers, who have put down planned votes as illegitimate.
  • EUR/USD plumbed a new intraday low of $0.9885 in response, narrowing the gap with key support at the cycle and multi-decade low of $0.9864. This level comes into particular focus ahead of what's expected to be a hawkish FOMC meeting.
  • Elsewhere, SEK is spiraling, extending the weakness seen following the Riksbank rate decision yesterday, with the accompanying rate path strongly suggesting the tightening bias will ease going forward.
  • Focus understandably turns to the FOMC rate decision after the London close Wednesday, with the Fed expected to keep pace with a 75bps rate hike. Attention will be paid to the voting split made among the committee and any suggestions of the terminal rate at the Fed.
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