Russia announced that it will halt gas flows to some countries in the European region. This news caused downward pressure on the EUR sending the common currency to five-year lows below the 1.06 handle. The Bloomberg dollar index soared near two-year highs as investors seek haven assets.
April 27, 2022
EUR/USD 1.0549 GBP/USD 1.2561 USD/CAD 1.2842 AUD/USD 0.7127 USD/JPY 128.12 USD/CNH 6.5897 USD/ILS 3.3182 USD/MXN 20.4423 USD/CHF 0.9688 USD/INR 76.5287 USD/BRL 5.0089 USD/SGD 1.3803 USD/DKK 7.0532 USD/SEK 9.8556 USD/NOK 9.3313
USDThe US dollar strengthened for a fourth day amidst broad safe haven demand. Market sentiment continues to trade risk-off due to concerns over corporate earnings, the COVID outbreak in China, and the war in Ukraine.GBPSterling dropped for a fifth day with GBP/USD trading 0.2% lower. GBP/USD remains under pressure over concerns for a potential recession following worse than expected consumer confidence.EUREUR/USD breaks below 1.06 trading at five-year low. This move comes after Russia announced it will stop gas flows to some countries within Europe increasing concerns for growth in the region.CADUSD/CAD is trading higher breaking above 1.28 as oil prices hover around $100/bbl. The Canadian dollar remains under pressure despite comments from Bank of Canada Governor Tiff Macklem stating that the central bank will consider another 50bps rate hike in June.ASIA/PACIFIC
Following yesterday’s USD/CNH move lower, the currency pair has since pared losses as investors remain concerned for the impact of COVID on the economy. USD/JPY continues to hover around the 128 handle amidst broad USD strength and ahead of the BOJ meeting later this week.
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