Euro is trading broadly lower today, as EU announces the fifth package of sanctions against Russia. As European Commission President Ursula von der Leyen said, "Russia is waging a cruel, ruthless war, also against Ukraine's civilian population." The sanctions include ban of Russia coals, access to EU ports and transaction banks of four key Russian banks. On the other hand, Australian Dollar remains the strongest one, as lifted by the hawkish twist in RBA statement. Technically, EUR/CAD's down trend resumed by breaking through 1.3671 low. Outlook will stay bearish as long as 1.3977 resistance holds. Next target is 161.8% projection of 1.5096 to 1.4162 from 1.4633 at 1.3122. At the same time, break of 1.0943 support in EUR/USD, and 0.8294 support in EUR/GBP, will further solidify weakness in Euro. In Europe, at the time of writing, FTSE is up 0.02%. DAX is down -0.57%. CAC is down -1.49%. Germany 10-year yield is up 0.075 at 0.580. Earlier in Asia, Nikkei rose 0.19%. Hong Kong HSI rose 2.10%. China was on holiday. Singapore Strait Times rose 0.82%. Japan 10-year JGB yield dropped -0.0055 to 0.211. |
