Putin said gas to be priced in Rubles, more disruptions to come

and other FX market news


    What’s new?

    EUR failed to keep its advance and give back gain, trading at 1.1055. Russia aims to keep supplying gas to European customers but asks to get paid in rubles, This might bring further disruption to the market as E.U countries refuse to pay in rubles as part of the signed agreement it must settle in EUR or USD.

    Direct talks between Russia and Ukraine are resuming today, according to a top Ukrainian official. The United Nations said relief convoys have so far failed to reach Mariupol. Russia agreed to hand back control of the highly contaminated Chernobyl nuclear plant to Ukraine. Meanwhile, Biden said Putin may have fired some of his advisers or put them under house arrest, and that it’s an “open question” as to whether Putin is fully informed of his military’s performance.

    AUD/USD fell 0.1% to 0.7475, while USD/CNH rose 0.2% to 6.3553 after the Caixin/Markit Manufacturing Purchasing Managers Index fell to 48.1 in March, the steepest rate of contraction since February 2020, from 50.4 in the previous month.

    What’s in the pipe?

    • U.S jobs report on Friday

    FX rates

    USD/JPY @ 122.70 - bullish trend

    EUR/USD @ 1.1062 - Bearish trend

    GBP/USD @ 1.3125 - Bearish trend - major support / resistance : 1.3209

    AUD/USD @ 0.7497 - next support : 0.7451

    USD/CNH @ 6.3629 - Just above major support : 6.3624

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