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The euro is up by 0.2% on the day against the dollar, holding around 1.0870-80 levels currently. The high earlier hit 1.0920 after the news on the EU potentially stepping up spending on energy and defence amid the Russia-Ukraine crisis.
The details remain light on that front, so we’ll have to wait and see if any follow through can match the optimism from the headline. But in terms of execution, it is something that is going to take years and at this stage, it will take a lot to transition from the current reliance on Russian oil and gas – surely not in the immediate future.
Despite the jump, EUR/USD is still lower on the week with 1.0800 providing some support for now:
The 100-hour moving average stands at 1.0983 and is the first key near-term level that buyers need to contest to see any semblance of a meaningful upside bounce. Otherwise, it is tough to look much into any minor jump for the time being.
Elsewhere, the yen is lower with USD/JPY keeping close to 115.60, up 0.3% on the day. The headline above also helped to spark a jump in bond yields and that is weighing on the yen a little currently.
Elsewhere, the dollar is trading more mixed as it is down against the pound and kiwi but holding slightly higher against the loonie, franc and aussie. The latter is the laggard with AUD/USD breaking back below its 200-day moving average @ 0.7318. But buyers are holding on in keeping a defense of the 200-hour moving average @ 0.7274 for now:
