ForexLive Asia FX news wrap: Oil price surges (even more)

The lead in to the Asia session:

News flow was dominated by
Ukraine matters once again. More firms announced the cessation of
business in or with Russia, including notably Ford, Boeing (see
bullets above) and Exxon (see bullets above). The US announced it was
banning Russian flights from US airspace and that its going after
Russian oligarchs’ assets.

T



he
data agenda included




Q4
GDP data from

Australia. It showed the
economy had

staged


a strong recovery out of the Delta
lockdowns

to


above its pre-pandemic size.

US
President Biden gave his State of the Union address. While he did so
oil kept on rallying, despite the news earlier of a US Strategic Oil
Reserve release (and coordinated actions from others).

Major
FX rates saw some small moves during the session only. USD/JPY has
popped above 115 again while USD/CHF also added a few points. AUD &
NZD ticked a little higher, as did CAD. Cable dropped back from highs
approaching 1.3340.

OIL: