Russia terminates diplomatic discussions , Dollar Rises

Today's forex news: Russia terminates diplomatic discussions, boosting the dollar.

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Risk aversion dominated financial markets, owing to growing geopolitical tensions in Eastern Europe. The greenback gained strength against high-yielding counterparts but lost ground against safe-haven counterparts.

Russian President Vladimir Putin signed a decree recognizing Donetsk and Luhansk in Eastern Ukraine. The international community views this action as the first step toward an invasion, effectively ending negotiations with Western nations.

EU High Representative for Foreign Affairs and Security Policy Josep Borrel stated that the EU is prepared to react strongly if Russia acknowledges Donbas independence, which Putin did early.

Markit released its preliminary estimates for the EU's February PMIs. The services sector saw a strong recovery, with the German index rising to 56.6 and the EU index reaching 55.8. Both economies' manufacturing PMIs came in lower than predicted but far above the 50-point threshold separating recession from economic expansion.

EUR/USD is reaching 1.1300, while GBP/USD is battling to stay above 1.3600. Commodity-linked currencies have depreciated against the dollar. AUD/USD is around 0.7190, while USD/CAD is 1.2760. despite gold trading above $1,903 per troy ounce on the desire for safety and crude oil prices surging on disruption fears, with WTI presently trading at $92.75 per barrel.

While US markets were closed in observance of President Day, stock futures fell sharply on Russia/Ukraine news. European and Asian futures are also lower, implying a risk-off day on Tuesday.

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