The common currency briefly fell below support to touch a 21-month low of $1.1090 overnight, before recovering a bit to trade at $1.1131 early in the Asia session.The common currency briefly fell below support to touch a 21-month low of $1.1090 overnight, before recovering a bit to trade at $1.1131 early in the Asia session.
“The risk is a sustained move below $1.1106 if market participants downgrade the Euro zone economic outlook,” said Commonwealth Bank of Australia analyst Kim Mundy.Russia bombed a TV tower in Ukraine’s capital on Tuesday and rained rockets on the city of Kharkiv.The safe-haven yen was firm, tracking a risk-averse mood in other markets and was last just above its 50-day moving average at 114.85 per dollar.
Commodity linked currencies, such as the Australian dollar, fell slightly against a stronger dollar overnight but have held their own as surging prices for oil, gas, coal and grains provided support. “The strength of commodity prices combined with Australia’s much improved current account position suggests that there is good reason to expect AUD/USD to break with its traditional role of a ‘higher risk’ G10 currency,” said Rabobank strategist Jane Foley, who expects it can climb to $0.74 by the end of 2022.He will say the West was ready for Russia’s invasion of Ukraine and his administration has a plan to fight inflation, according to speech excerpts.
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