• Ukrainian Hryvnia slides to a new 7-year low
  • Market anxiety begins to return
  • Russia-Ukraine war intensifies
  • Fed Chair Powell to testify before Congress

The US dollar to Ukrainian Hryvnia (UAH/USD) exchange rate settled on Tuesday down -1.72% at 0.03346, close to its lowest level in seven years. At the time of writing, one US dollar buys 0.03346 Ukrainian Hryvnia, unchanged from yesterday.

The heavy shelling of Ukraine’s second-largest city Kharkiv and the Russian forces’ advance on Kyiv sparked risk off trade, uplifting demand for the precious metal gold, which was seen gaining over 0.81% during yesterday’s trading session.

After a sharp escalation in the Russia-Ukraine conflict, the dollar index, which gauges the greenback’s strength against a basket of major currencies, caught a bid and settled up 0.23% at 96.97.

Meanwhile, as the Russian invasion of Ukraine enters the seventh day, the US indices (S&P 500) were seen trading down -1.55%.

Looking ahead, in terms of risk event, the ADP Employment Change in the United States is forecasted to add 388k of new jobs in the private sector after the surprising loss of 301k jobs in January. Additionally, multiple Fed speakers including Fed chairman Powell will testify before the US Congress, which has the potential to alter the market mood.