U.S. Dollar Depreciates On Hopes Of De-escalation In Ukraine Conflict
29 Marzo 2022 - 10:48PM
RTTF2
The U.S. dollar fell against its major counterparts in the Asian
session on Friday, as risk sentiment improved following a progress
in peace talks between Russia and Ukraine, with Moscow pledging to
cut military operations around Kyiv and Chernihiv in an effort to
de-escalate war.
Russian negotiators agreed to scale back military activity
around Ukraine's capital Kyiv and the northern city of Chernihiv,
though it does not imply a cease-fire or complete withdrawal of
troops from the capital.
The negotiators said that the talks were "constructive," raising
hopes for a deal to end the war.
Moscow's lead negotiator, Vladimir Medinsky, said that there is
still "a long way to go" to reach a mutual agreement with
Ukraine.
Investors await U.S. ADP private payrolls data and final GDP
report due later today.
The U.S. treasury yield curve briefly inverted on Tuesday,
reflecting concerns about an economic downturn in the future.
The greenback reached as low as 1.1135 against the euro, down
from Tuesday's close of 1.1085. If the dollar falls further, it may
challenge support around the 1.14 level.
The greenback was down against the yen, at a 5-day low of
121.31. The pair had closed Tuesday's deals at 122.86. The
greenback is poised to challenge support around the 120.00
region.
The greenback slipped to a 5-day low of 0.9267 against the franc
from yesterday's close of 0.9307. On the downside, 0.90 is possibly
seen as its next support level.
The greenback that ended Tuesday's deals at 1.3090 against the
pound fell to 1.3134. The greenback is seen finding support around
the 1.34 level.
The greenback declined to a 2-day low of 0.7536 against the
aussie and a 5-day low of 0.6971 against the kiwi, from Tuesday's
closing values of 0.7507 and 0.6935, respectively. The greenback is
likely to find support around 0.78 against the aussie and 0.72
against the kiwi.
The greenback edged down to 1.2476 against the loonie, from
yesterday's close of 1.2493. The greenback may challenge support
around the 1.21 level.
Looking ahead, Eurozone economic sentiment index for March is
due in the European session.
At 8:00 am ET, German preliminary CPI for March is scheduled for
release.
U.S. ADP private payrolls data for March is set for release at
8:15 am ET.
U.S. final GDP data for the fourth quarter will be featured in
the New York session.
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