Biden plays with fire while in Poland

and other FX market news

What’s new?

EUR/USD keeps its downtrend move today approaching major horizontal support @ 1.0899.J.

Biden changed his words after he said "Putin cannot remain in power", he is now clarifying what he said earlier, he didn’t mean "regime change". European leaders took their distance themselves from Biden’s comments "We shouldn’t escalate with words or action" said E.Macron, French President.

Ukrainian and Russian leaders are going to meet this week to discuss the cease-fire deal as disagreement requests from both sides remain high.

On the market side, BOJ made 2 offers to the market to buy unlimited JGBs (Japanese Government Bonds) from 5 to 10 years. The last time it set up this offer was the last 10th of February. The first offer drew no bids while the second offer accepted bids to buy 64.5 billion yen. These two offers emphasized the difficulty for the BOJ to keep rates low as opposed to the FED who plan aggressive hikes. The USD/JPY gains 1.35% today @ 123.7.

What’s in the pipe?

  • U.S GDP, on Wednesday
  • China Manufacturing, non-manufacturing PMIs on Thursday
  • Opec and non-Opec ministerial meeting to discuss production target on Thursday
  • U.S jobs report on Friday

FX rates

USD/JPY @ 123.76 - Very bullish trend
EUR/USD @ 1.0949 - Bearish trend - major horizontale resistance : 1.1141
GBP/USD @ 1.3144 - Bearish trend - major support / resistance : 1.3209, Major resistance : 1.3317AUD/USD @ 0.7525 - just bellow horizontal resistance (0.7531) - Bullish trend still in USD/CNH @ 6.39 - Upwards breach of the bearish trend - major support : 6.3624

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