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Euro Soars, Gold Drops, Crude Oil Slammed on Russia-Ukraine Latest


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Russia-Ukraine News and Analysis

  • Russia to Sharply Cut Military Operations in Kyiv and Chernihiv
  • Geopolitical Risk Premium Unwinds in Oil and Gold
  • Euro Soars to Session Highs

Can Russia back down in Ukraine? - Vox

Russia-Ukraine Progress

Constructive talks between Russia and Ukraine have sparked a fresh wave of optimism for a potential peace deal. In the latest round of talks, Ukraine has proposed adopting a neutral status in exchange for security guarantees, meaning that it would not join military alliances or host military bases. Subsequently, Ukraine believes that enough progress has been made for a meeting to be scheduled between Putin and Zelensky. What’s more, Russia has also stated that they will sharply cut military operations near Kyiv and Chernihiv.

Oil and Gold Slides to Session Lows

This is by far the most positive development we have had regarding the Russian-Ukraine conflict. In turn, wars trades have continued to unwind with both oil and gold prices coming under notable pressure. The latter eyeing key support at 1880-85, where should the precious metal close below risks tilted towards 1835-50.

Crude Oil Reaction to Positive Russia-Ukraine Talks

Euro Soars, Gold Drops, Crude Oil Slammed on Russia-Ukraine Latest

Source: Refinitiv

Gold Bearish Below 1880

Euro Soars, Gold Drops, Crude Oil Slammed on Russia-Ukraine Latest

Source: Refinitiv

Meanwhile, the most exposed currency to Russia risks, the Euro, is trading at fresh session highs, briefly testing 1.1100. Resistance ahead at 1.1120.

Euro Soars, Gold Drops, Crude Oil Slammed on Russia-Ukraine Latest

Source: Refinitiv

 

Mar 29, 2022 |  DailyFX

Justin McQueen, Strategist

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