EUR/SD falls sharply on Russia news. Scotiabank economists they expect the pair to challenge the early September low at 0.9865.
Tensions in Ukraine rise
“Russia’s announcement that it will call up 300,000 reservists for the war in Ukraine and Putin’s nuclear saber rattling in response to Western ‘blackmail’ caused a jolt in the markets. The news of the mobilization actually undoes some of the hopes of a calmer geopolitical scenario that the recent Ukrainian offensive had raised and suggests that there is still a long conflict ahead.”
“Euro weakness below the 0.9950 support zone that has sustained the market over the past week leaves the Euro looking soft and vulnerable again, with the early September low of 0.9865 at risk.”
“The broader downtrend persists and safe ground for the euro (above 1.0130) remains distant.”
Source: Fx Street
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