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USDRUB Breaches 80.00 As Geopolitical Tensions Significantly Rise

FOREX
  • Despite US market closures due to the President’s Day holiday, markets have had a volatile start to the week as Russia headlines were once again in focus.
  • Russian President Vladimir Putin has spoken on Russian television outlining the historical justification for today's recognition of the breakaway republics in Donbas. Prior to and throughout, USDRUB has had a steep upward trend on Monday rising from 76.15 lows all the way to a peak of 80.2589 as of writing.
  • In turn, global equity index futures suffered throughout the latter half of the trading day which prompted a recovery in broad dollar indices, despite relatively narrow ranges.
  • There was a very strong RUB bounce following the end of the Putin address with potential profit taking/liquidity in play given the US holiday. USDRUB fell back below 79.00, however, now resides around 79.42, up 2.5% for the session.
  • Most notable move in G10 FX was relative strength of the Swiss Franc. The souring risk sentiment bolstered CHF with both EURCHF and USDCHF falling over 0.6%.
  • EUR/CHF stumbled through both the 50-dma at 1.0429 as well as Friday's 1.0426 low. This marks the fourth consecutive session of lower lows in EUR/CHF and losses were exacerbated through the Feb lows at 1.0383 marking a bearish development with 1.03 the most notable support/target below.
  • RBA Assist Gov Kent Speaks overnight before German IFO data headlines the European data docket. There may also be comments from BOE MPC Member Ramsden, however the more notable event will be left on Wednesday with the February RBNZ decision/statement.
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