This is what you need to know to trade today Thursday February 24:
Russia has launched an attack against Ukraine during today’s Asian session and has triggered an intense flight to the safe haven in the financial markets. Traditional safe-haven assets, such as gold, JPY and CHF continue to gain strength early Thursday and the US dollar DXY index is trading at its highest level in nearly a month above 96.50. Later in the day, the US Bureau of Economic Analysis will release its second estimate of fourth-quarter GDP data. Initial jobless claims and new home sales for January will also appear on the US economic calendar. Investors, however, will continue to focus on news surrounding the conflict between Russia and Ukraine.
Following news that Russia has carried out missile strikes against Ukraine’s infrastructure and border guards, Ukrainian President Volodymyr Zelenskyy has announced nationwide martial law. Recent events suggest that the russian army is moving towards the ukrainian border from belarus. In addition, Russia is said to be unleashing cyberattacks and Ukraine has shot down several Russian planes and a helicopter.
Reflecting the risk-off sentiment in the market, the 10-year US Treasury yield is down 5% on the day and US stock index futures are losing 2-2.3%. Oil prices are rising with a barrel of West Texas Intermediate (WTI) trading at its highest level since August 2014 above $96.
Trading on the Moscow Stock Exchange has been suspended and the Russian ruble on the interbank market fell to a new record low against the dollar. The USD/RUB up more than 7% on the day at 87.40.
The gold rose on Thursday and reached its highest level since early January near $1,950. XAU/USD is up over 1.5% at the start of the European session, trading around $1,940.
The EUR/USD it tumbled to its lowest level in more than three weeks near 1.1200 before rebounding. The pair is trading around 1.1250, down 0.5% on the day.
The EUR/JPY falls 1% to 128.80, the AUD/JPY loses 0.9% to 82.40 and the EUR/CHFwhich hit its lowest level since 2015 at 1.02911 earlier in the session, appears to have stabilized above 1.0300 for now.
The GBP/USD it is falling for the third day in a row and testing 1.3500. There will be no UK macro data release.
Despite the broad dollar strength, the USD/JPY It trades in the negative territory near 114.50, pressured by the sharp decline seen in US bond yields.
The Bitcoin is trading at its lowest level in a month near $35,000 and down over 6% on the day. The ethereum It has already dropped almost 10% on Thursday and continues to drop after breaking below $2,500.
Source: Fx Street
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