Themes

• General mood is “risk off”
• Wires: Soviet retreat of 10,000 troops near the Ukrainian border
• Chinee CPI and PPI both due in Asia today

What’s Moving

Wires reported overnight that there has been a partial retreat of 10,000 Soviet troops that have been stationed near the Ukrainian border, which provided some relief to traders and saw some remove safe haven buys. This also saw oil prices fall in overnight trade.

Euro was the big beneficiary from the moves, while the Aussie also caught a small bid. U.S. equities also managed to snap a three-day losing streak.

Thoughts

Today looks like another light choppy day in Asia, with earlier reports being that today would be the day that Russia attached the Ukraine.

The data calendar locally today is light and includes:

• Chinese PPI (E: 9.5%)
• Chinese CPI (E: 1.0%)

Pivot Points