Themes

• General mood is “risk off”
• Japanese Machinery Orders +3.6% from -2.0% talk
• Australian Employment +12.9k (slightly stronger); rate unchanged at 4.2%
• Wires: Ex-Fed Yellen: U.S. inflation rates are “not acceptable”

What’s Moving

Comments from a Biden official noting that Russia is continuing to build up troops on the Ukrainian border helped support the USD in early trade, but the bid was light, with the market already long.

The Aussie caught a moderate bid after better-than-expected Employment numbers printed, with the AUD/USD posting a fresh weekly high.

Data tonight includes:

• U.S. Philly Fed (E: 19.9)
• U.S. Initial Claims (E: 217k)