The U.S. Dollar remains dominant in the face of a ban on Russian energy that has caused all exchanges to fall into bear-market territory.
Overview
Economic growth had to come out of a hole during the past two years of recovery, bringing along record earnings and stock growth that now seems to be dwindling as the conflict in Russia sacrifices globalization’s former easy flow. Oil prices are at the highest in 14 years, which is only helping the costs of shipping and supplying that much more difficult for firms to incur.Metals and other commodities are exploding in price and causing havoc as the London Metal Exchange suspended trading in nickel after a squeeze that made prices climb by as much as 111.0% Banks such as JP Morgan keep further isolating the Russian financial system from the mainstream as they take out Russian bonds from all their indexes.
What to Watch Today…
- No major economic events are scheduled for today
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EUR
The Euro managed a half-percent recovery this morning following good Gross Domestic Product growth data for the final Q4 reading. Quarterly growth managed a 0.3% increment while the yearly growth stood at 4.6% as expected by economists.
There are also talks about coming up with a stimulus package that could be used to relieve the continent from the economic woes of the conflict, but energy security is a serious worry with no short-term solution. There will also be a desire to include plans for continental defense.
AUD
The Australian Dollar and “Kiwi” have halted their resurgence as commodity-market turmoil has taken a hold of the global economy. In comparison to petro-currencies that have hit multi-month lows against the buck, Aussie has managed to increase its value by 3.0% ever since February 1st.
On the other hand, the Mexican Peso has reached its lowest point since the start of last December, depreciating 5.6% ever since tanks rolled into Ukraine. We shall continue to see these wild swings as volatility indexes keep rising along with fears that this war is here for longer than estimated.
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