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Havens drop as Russia pulls back troops

“The most dangerous poison is the feeling of achievement. The antidote is to every evening think what can be done better tomorrow.” - Ingvar Kamprad, founder of IKEA

 

 

 

HEADLINES

 

 

 

  • Dollar slips, euro gains as Russia says some troops returning to base
  • Rouble leaps after Russia says some troops are returning to bases
  • Gold, palladium retreat on signs of easing tensions over Ukraine
  • Oil retreats from 7-year high as Russia says withdraws some troops
  • Wall Street closes higher as easing geopolitical worries spark broad rally
  • EUR/USD: ECB’s hawkish policy pivot offers more support for the euro – MUFG

 

 

 

FOREX

 

 

 

Dollar slips, euro gains as Russia says some troops returning to base

 

 

The U.S. dollar eased and the euro strengthened on Tuesday as Russia said some of its troops were returning to base after exercises near Ukraine, reducing some investor anxiety over the crisis in the region. Concern over the Russia-Ukraine standoff had driven gains in the safe-haven dollar recently. The Russian rouble strengthened 1.41% versus the greenback at 75.71 per dollar.

 

 

Rouble leaps after Russia says some troops are returning to bases

 

 

The rouble rose more than 2% versus the dollar on Tuesday as Russia said some troops near Ukraine were returning to their bases after military exercises, easing concerns over a potential invasion that had fuelled a Russian asset sell-off last week.

Following days of U.S. and British warnings that Moscow might invade its neighbour at any time, Russia's statement that it was withdrawing some forces from near the border helped the currency, stocks and bonds rebound.

 

 

 

COMMODITIES

 

 

 

Gold, palladium retreat on signs of easing tensions over Ukraine

 

 

Precious metals fell on Tuesday with gold slipping from a multi-month high and palladium shedding more than 5% as news that some Russian troops near Ukraine were returning to their bases dented demand for safe-haven assets. U.S. gold futures settled down 0.7% at $1,856.20.

 

 

Oil retreats from 7-year high as Russia says withdraws some troops

 

 

Oil tumbled over 3% on Tuesday, retreating from a seven-year high after Russia said some of its military units were returning to their bases after exercises near Ukraine, a move that appeared to de-escalate tension between Moscow and the West.

It was not clear how many units were being withdrawn, and by what distance, after a build-up of an estimated 130,000 Russian troops. An earlier Interfax report on the troop movements had prompted oil to extend losses.

 

 

 

STOCKS

 

 

 

Wall Street closes higher as easing geopolitical worries spark broad rally

 

 

Wall Street ended sharply higher on Tuesday, as signs of de-escalating tensions along the Russia-Ukraine border fueled a risk-on session. All three major indexes notched solid advances on the day, with market leading tech and tech-adjacent stocks providing the biggest boost and putting the Nasdaq out front.

Geopolitical heat was turned down a notch after Russia said it had withdrawn some of its troops near the Ukraine border, prompting bullish equities sentiment and causing crude prices to slide on easing supply concerns.

 

 

 

ANALYSIS

 

 

 

EUR/USD: ECB’s hawkish policy pivot offers more support for the euro – MUFG

 

 

“Higher yields in Europe should help provide more support for the EUR and could prove to be an important game changer for future performance. Short EUR positions in recent years have been built up on the anticipation that ECB policy will remain loose which will be more seriously challenged going forward. Low yields in Europe prompted record portfolio outflows into foreign debt by European investors over the past year. A reversal of those flows could help to lift the EUR more than expected.”

 

 

 

CHART

 

 

 

SILVER Short Term: Upside favored

Technical View: Long position above 22.7. Target 24.1. Conversely, break below 22.7, to open 22.3.

Comments: The pair is expected to resume advance after correction.

Source: Trading Central

 

 


 

CALENDAR

 

 

 

*Times in GMT

 

 

Source: FXStreet Economic Calendar

 

SOURCE

https://www.fxstreet.com/economic-calendar
https://www.fxstreet.com/news/eur-usd-ecbs-hawkish-policy-pivot-offers-more-support-for-the-euro-mufg-202202151645
https://www.reuters.com/markets/europe/ukraine-tensions-fed-hike-talk-drag-euro-2022-02-15/
https://www.reuters.com/markets/europe/gold-near-3-month-high-ukraine-crisis-lifts-safe-haven-appeal-2022-02-15/
https://www.reuters.com/business/energy/oil-falls-profit-taking-all-eyes-russia-ukraine-2022-02-15/
https://www.reuters.com/business/futures-jump-signs-easinng-russia-ukraine-tensions-2022-02-15/