Themes

• General mood is “risk off”
• AP Unconfirmed Sources: Biden has told allies that Putin has decided to invade the Ukraine
• White House representatives then say later, this is untrue

What’s Moving

Just when you think the market can’t throw anything new at you. Coming in off a relatively quiet week and into Friday, a new report noted that U.S. President Biden has told allies that Russia has decided to invade the Ukraine, after the recent two month build up on the border.

This saw the Dollar rally hard on safe haven buying, while interestingly, the Yen, also a safe haven currency was sold off.

White House officials then came onto the tapes saying that the Biden rumors were untrue, but by then the moves had already petered out.

Thoughts

With no major data slated in Asia today, players will continue to eye news wires for any update on the Russian/U.S./Ukrainian situation.

Other than that, consolidation of the overnight moves are expected in local trading.

Pivot Points