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Euro buoyed by Ukraine-Russia peace talks

currency-newsEuro buoyed by Ukraine-Russia peace talks
The euro trended higher on Monday, with the currency drawing support from hopes the current Ukraine-Russia peace talks could lead to a ceasefire.

Meanwhile, the pound is ticking broadly higher this morning. While GBP/EUR has retreated to €1.1844, GBP/USD is buoyed at $1.3036. GBP/CAD has rallied to C$1.6737, while GBP/AUD and GBP/NZD climb to AU$1.8120 and NZ$1.9304, respectively.

Looking ahead, will an upbeat UK jobs report help to bolster Sterling in today’s session?


What’s been happening?


The euro opened this week on positive footing as market sentiment was buoyed by hopes for the latest round of peace talks between Ukraine and Russia.

Officials from both countries spoke of the possibility of progress being made in a ‘matter of days’, with the President of Ukraine, Volodymyr Zelenskyy appearing upbeat about the chances of a ceasefire being found.
The next round of talks are scheduled for today.

The optimism over Ukraine also lent some support to the pound on Monday, on hope a negotiated end to the conflict could help to temper inflationary pressures in the UK.

Finally, the US dollar traded with modest losses in European trade yesterday, with the optimistic market mood limiting demand for the safe-haven currency.
 

What’s coming up?


Kicking off today’s session was the publication of the UK’s latest jobs report, which may provide a leg up to the pound this morning.

According to data published by the Office for National Statistics (ONS) domestic unemployment fell to 3.9% in January.

However it may be the accompanying average earnings figures which may be the more impactful as a stronger-than-expected bump in wage growth may be seen as slightly alleviating the UK’s cost-of-living crisis.

Still to come this morning is Germany’s latest ZEW economic sentiment index, in which a sharp deteriorate of sentiment this month could place pressure on the euro.

At the same time USD investors may be reluctant to make any aggressive bets today as they await the Federal Reserve’s interest rate decision on Wednesday.

Meanwhile the situation in Ukraine may continue to influence currency markets, with ongoing peace talks potentially extending support for the euro and risk-sensitive currencies.
Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

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