Market embraces risk as President Putin pulls back troops from Western Ukraine and suggest use of force is last resort. Accordingly equities are retracing recent loses, commodities are lower and the US 10‐year yield is back to 2.65%; in FX the USD and JPY are weak. Today there are limited events on the calendar (see page 3) as the appearance of the Fed nominees (Fischer, Brainard and Powell) before the senate has been delayed due to the weather. President Obama will release the 2015 budget but this is unlikely to shift the course of markets.
Read the full report: FX Daily
Scotiabank