US Dollar index Edges Lower Risk Sentiment

FX SIGNALS _ The U.S. dollar weakened in early European trade Monday as risk sentiment received support from the news of a likely meeting between U.S. President Joe Biden and Russian President Vladimir Putin to discuss the fraught situation on the Ukrainian border.

At 2:45 AM ET (0745 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.3% lower at 95.745.

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The dollar had been one of the main beneficiaries last week of the heightened tensions on the Ukrainian border, with Russia massing troops and also undertaking military exercises in neighboring Belarus while Ukrainian forces and Russia-backed rebels exchanged accusations of violence in the east of the country.

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The Russian ruble, which has been sensitive to the prospect of war, strengthened, with USD/RUB down 0.9% at 76.6073.

“Geopolitics have stolen the spotlight and created worries for investors and people around the world,” said analysts from Nordea, in a note. “The Russia-Ukraine crisis is still ongoing and unfortunately we are far from certain that geopolitical risks have peaked.” Putin to decide on counter sanctions

German manufacturing PMI numbers for February are due later in the session and will be studied carefully to see how this important sector, a major regional driver of growth, is coping with the Omicron situation and the associated supply-side difficulties. US Dollar Gains Risk Sentiment Hit by Equity

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With this in mind, the PCE price index, rumored to be the Fed’s favorite inflation measure, is due for release on Friday, and will be closely watched. It’s forecast to have risen 6% year-over-year in January, while the core reading, which excludes food and fuel prices, is expected to rise 5.2%. Euro strengthens as improved risk sentiment hits dollar

There will also be speeches from several Fed officials during the week, including Richmond Fed President Tom Barkin, San Francisco Fed President Mary Daly, Cleveland Fed President Loretta Mester and Fed Governor Christopher Waller.

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“Going forward, we do not expect the current [Ukraine] crisis to be the key driver of the risk sentiment this year. It’s much more likely that central banks and the inflation outlook will dominate the narrative in the financial markets,” added Nordea. “However, countries and companies which are closely linked to Russia could face negative spillover effects and the Russian ruble remains vulnerable.” Dollar Weakens Risk Sentiment

US Dollar index Edges Lower Risk Sentiment

US Dollar index Edges Lower Risk Sentiment
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