GBP/EUR: Risk Of Contagion From Turkey Pulls Euro Lower vs. Pound
  • Russian Ruble nudged upwards against the EUR
  • Russia President downplays risk-on mood
  • Germany’s DAX gains over 13% from last week’s low
  • ECB’s Christine Lagarde comments fail to lift up Euro

The Ruble Euro (RUB/EUR) exchange rate nudged another positive day as risk-off mood was seen taking a break as investors wait for the US Federal Reserve interest rate decision. The pair gained +14.62% on Tuesday, settling at €0.00862, towards the high of the day.

At 08:00 UTC AM, RUB/EUR trades up +2.89% at €0.00842 securing a 2-day winning streak after it hit a lifetime low last week.

Russia – Ukraine peace talks suffered a seatback after comments from the Kremlin weighed negatively on the risk sentiment. Russia’s Putin said that Ukraine is “not serious about finding an acceptable solution.”

Elsewhere, Russia pulling out from the Council of Europe dragged down the Euro which retreat against the greenback from a peak of €1.1019.

Meanwhile, the German stock market index DAX gained over 13% from last week’s 16.5 monthly low and settled slightly higher +0.63% at 13,981. Last week, Germany’s DAX entered into a bear market after it dropped over 20% from its all-time high.

Comments from the president of the European Central Bank (ECB) Christine Lagarde about the inflation outlook have failed to lift up the EUR.

Looking forward, other risk catalysts for the day include ECB’s Elderson speech that can weigh in on the EUR exchange rate.

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