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Market players tried to remain optimistic about a potential diplomatic solution to the Russia-Ukraine conflict but peace talks yielded no results.
The positive sentiment diluted as the day went by, with Wall Street ending the day in the red territory after a strong opening.
Economic Data
The economic calendar on Monday witnessed no significant results nor data.
Other Developments
The latest round of peace talks was paused, according to Ukraine’s negotiator Mikhail Podolyak, and will resume on Tuesday.
A Kremlin spokesperson noted that “all the plans of Russia in Ukraine will be fulfilled in full and in the time frames outlined.” Also, news hinted that Russia may halt wheat, corn, rye and barley exports, while Moscow and Belarus will stop paying for energy supply in US dollars, according to the latter’s Prime Minister.
At the same time, the EU Commission announced another wave of sanctions against Russian oligarchs and entities. The US, on the other hand, reported to its NATO allies that China is willing to provide military and economic support to Russia.
The US dollar is up against most major rivals, although EUR/USD is marginally higher for the day, trading at around 1.0960. The GBP/USD pair pressures the 1.3000 threshold after reaching a fresh multi-month low of 1.3008.
Commodities edged lower, with gold falling down to $1,949.57 a troy ounce and finishing the day nearby. Crude oil prices were down, with WTI now trading at around $101.40 a barrel.
The risk-averse sentiment and easing gold and oil prices undermined demand for commodity-linked currencies. The AUD/USD pair pierced the 0.7200 level, while USD/CAD trades at around 1.2820.
The USD advanced against safe-haven rivals on the back of soaring US government bond yields. The yield on the 10-year Treasury note peaked at 2.145% and currently hovers around 2.13%. The USD/JPY pair trades at around 118.10, its highest since January 2017.
Since last Wednesday, Dogecoin has been trending downward, reaching a seven-day low of $0.1107 the day before Musk’s tweet about his unwillingness to sell his crypto assets.
Within a couple of hours early Monday morning, though, Dogecoin’s price jumped about 7% to a five-day high of $0.119 before dropping 4% and stabilizing around $0.1142.
The other two cryptocurrencies mentioned in Musk’s tweet also briefly increased early Monday morning before retreating, though not nearly as much as Dogecoin. Bitcoin jumped 1.6% and Ether rose 2.2% just after midnight when Musk’s tweet was posted.
Crypto prices have generally been falling in the past week after being thrust into the spotlight following Russia’s invasion of Ukraine. As of Monday, the two most popular cryptocurrencies, Bitcoin and Ether, were still down from their 30-day highs by double digits. Bitcoin was down about 13% from its 30-day high of $45,077, and Ether was down about 19% from its high of $3,185.
Also Read:
Dogecoin jumped 7% On Elon Musk’s Tweets
Dollar Index Struggle On Uncertainty Over Fed
Russia’s Economy In Pain By Western Sanctions
US Economy, T-Yields Show Recession Signals
Gold Pressured Into Critical Daily Support Near USD 1,950
US Shares Turn Negative As Market Sentiment Sours
EUR/USD’s Recovery Stalls Right Below 1.1000 Area
USD/CAD Trims Losses, Approaches 1.2800
Washington: China Open To Provide Russians With Military Support
Green Energy Wins Amid Russian Fuel Ban
EUR/USD Rebounds, Approaches 1.1000
