“Do more of what works and less of what doesn’t.”
USD
EUR/USD
The Shared currency treaded water above the $1.1300 level despite the market's deeply risk-off tone. The EUR/USD pair remains highly vulnerable to NATO/Ukraine/Russia conflict if it results in further sharp upside in European gas prices together with combined expectations for a hawkish Fed meeting this Wednesday.
GBP/USD
The Cable dropped to its lowest in three weeks to $1.3468 after a poor reading on the U.K. PMI and Manufacturing Services. As a result, the Pound will likely remain volatile amid geopolitical tensions and BOE rate hike expectations.
USD/JPY
The Japanese firmed at 113.70 versus the greenback as investors ran for safety with the escalating tensions over a potential Russian war with Ukraine. Bank of Japan Governor Haruhiko Kuroda also stated that the central bank must maintain an ultra-loose monetary policy while keeping an eye on inflation.
AUD/USD
The Aussie dollar tilted higher on Tuesday morning after the latest Australian consumer inflation data came in stronger than expected. The main drivers were the ongoing hike in energy prices.
USD/CAD
The loonie extended its losses in recent trade to 1.2643 against the U.S. dollar, taking its toll on risk-sensitive currencies after U.S. equities crashed further.
USD/ZAR
The rand trimmed back some of its gains to 15.30 versus the U.S. dollar ahead of U.S. Fed and South Africa Reserve Bank meetings this week that could influence the trajectory of domestic and international interest rates. Tighter Fed policy tends to drain capital away from emerging markets like South Africa.
USD/MUR
The dollar-rupee remained unchanged at 43.70 (Selling) on the local market.
19:00 - USD - Consumer confidence
