Markets shifted towards a weaker dollar with JPY leading G-10 gains. President Biden had several meetings in Brussels yesterday. Key headlines include the US and EU pushing to move away from Russian gas, Biden’s appeal to remove Russia from G-20, and EU committing to close Russia sanctions loopholes. Data out of the UK showed that retail sales were worse than forecasted.
“You have to dance a little bit before you step out into the world each day because it changes the way you walk.”
March 25, 2022
EUR/USD 1.1012 GBP/USD 1.3187 USD/CAD 1.2522 AUD/USD 0.7508 USD/JPY 122.13 USD/CNH 6.3784 USD/ILS 3.2116 USD/MXN 20.0000 USD/CHF 0.9285 USD/INR 76.2100 USD/BRL 4.7835 USD/SGD 1.3570 USD/DKK 6.7535 USD/SEK 9.3845 USD/NOK 8.6300
US dollar declined against its peers. Key takeaways from global meetings yesterday include commentary from the EU stating it’s ready to close loopholes on Russia sanctions. US President Biden requested that Russia be removed from G-20 due to the war in Ukraine.GBP
Sterling is trading largely unchanged. Earlier in the session UK retail sales unexpectedly fell for the month of February.EUREUR broke above the 1.10 level trading slightly higher. The US and EU are pushing to move towards liquefied natural gas in an effort to replace Russian gas.CAD
USD/CAD remains steady around the 1.2530 level. WTI crude fell 2.6%, reversing its biggest weekly gain in the last three weeks.ASIA/PACIFIC
The Japanese yen reverses its 5-day losing streak. The Bank of Japan refrained from interfering in the debt market even as yields trade higher which historically resulted in action.
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