Themes

• General mood is “risk off”
• Currencies consolidated in Asia today after overnight USD strength
• Wires: Biden warned Ukrainian president that a Russian invasion was “certain”
• Australian PPI stronger than expected at +1.3% (E: +0.9%)

What’s Moving

Currency markets remained quiet into the end of the week in Asia today, with players sitting on their hands after the large-scale USD buying overnight. Locally, the market paused, but hardly backed up at all, largely sitting at or near session USD highs.

Adding a further inactive focus was a report where U.S. President Biden apparently called his Ukrainian counterpart Zelensky and warned that a Russian invasion of the Ukraine was “certain.” 

Australian PPI came in firmer than expected today but was largely shrugged off.

Tonight sees:

• German Import Prices (E: +1.8%)
• Flash French GDP (E: +0.5%)
• Flash Spanish GDP (E: 1.4%)
• German Preliminary GDP (E: -0.3%) 
• U.S. Revised Michigan Sentiment Index (E: 68.8)