Themes

• General mood is “risk off”
• Australian Retail Sales +1.8% from talk of +0.3%
• Belarus constitutional vote to remove its “non-nuclear” status passes
• Russian and Ukrainian officials will meet today

What’s Moving

Currencies gapped slightly weaker at the open in Asia today after weekend news that Russia has put its nuclear deterrent forces on stand-by. This saw strong early buying interest in the USD, which saw gaps in the Euro and Sterling. Gold has also been reasonably bid all session.

The AUD gained slightly today, supported by a much stronger than expected local Retail Sales number. This saw the AUD as the best non-USD performer in Asia today. 

Focus will of course remain on the Ukraine tonight, with expectation for a meeting between Russin and Ukrainian leaders. With the new week just starting, expect the Dollar big to largely continue as players reinstate positions from last week.

Data tonight sees:

• Swiss retail Sales (E: +0.4%)
• Swiss GDP (E: +0.3%)
• Canadian current Account (E: 2.2bln)
• US. Chicago PMI (E: 62.1)