What you need to know on Tuesday, February 15:
Tensions between Russia and Ukraine dominated financial markets on Monday, leading to some solid safe-haven demand. The catalyst was a statement from US President Joe Biden, who told his Ukrainian counterpart Volodymyr Zelensky on Sunday that the US would respond "swiftly and decisively" if Russia takes further steps toward invasion.
Early on Monday, Russian Foreign Minister Sergey Lavrov told President Putin that the US had put forward concrete proposals on reducing military risks and that he could see a way to move forward with talks, although he added that EU and NATO responses have not been satisfactory. Fears partially eased, although risk-off continues.
As the day comes to an end, there are no signs of progress in diplomatic talks, but on the contrary, the Ukrainian President Zelensky reported that he has suspects Russia will likely attack the country on Wednesday, February 16, declaring it a national holiday, the Day of Unity.
The American dollar and gold were the most benefited in a risk-averse environment, with the first further boosted by comments from US St Louis Fed President James Bullard, who reiterated his call for 100bps in interest rate hikes by July 1, citing the last four inflation reports which show broadening inflationary pressures.
A scarce macroeconomic calendar exacerbated risk-related trading, with not much in the docket until next Wednesday, when the US will publish Retail Sales and the FOMC Meeting Minutes.
The EUR/USD pair trades sub-1.1300, while GBP/USD hovers around 1.3520. Commodity-linked currencies are little changed vs the greenback amid soaring gold and oil prices.
Global indexes plunged, with Wall Street accelerating its decline ahead of the close. Government bond yields retreated, with that on the 10-year Treasury note now at around 1.96%.
Gold surged to a fresh 2022 high of $1,872.85 a troy ounce, holding nearby at the time being. Crude oil prices also soared, with WTI trading at $95.25 a barrel.
Shiba Inu struggles to hold support, SHIBA could retest prior range near $0.000020
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks

EUR/USD holds positive ground near 1.0450, FOMC Minutes in focus
EUR/USD stays on the back foot and trades below 1.0450 after closing in the negative territory on Tuesday. The pair's short-term technical outlook highlights a bearish tilt.

Gold price renews all-time highs near $2,950
Gold price refreshes lifetime highs near $2,95 as trade war fears continue to underpin safe-haven asset. Fed rate cut bets keep the US Dollar bulls on the defensive and further lend support to the metal as traders await the release of the Fed Minutes later in American trading.

GBP/USD holds above 1.2600 after strong UK inflation data
GBP/USD holds steady above 1.2600 in the European session on Wednesday after the data from the UK showed that the annual CPI inflation climbed to 3% in January from 2.5% in December. Market focus shifts to mid-tier US data and FOMC Minutes.

Maker Price Forecast: MKR generates highest daily revenue of $10 million
Maker (MKR) price extends its gains by 6%, trading around $1,189 on Wednesday after rallying more than 20% so far this week. Artemis data shows that MKR generated $10 million in revenue on February 10, the new yearly high in daily revenue.

Rates down under
Today all Australian eyes were on the Reserve Bank of Australia, and rates were cut as expected. RBA Michele Bullock said higher interest rates had been working as expected, slowing economic activity and curbing inflation, but warned that Tuesday’s first rate cut since 2020 was not the start of a series of reductions.

The Best Brokers of the Year
SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.