The EUR is the strongest and the CHF is the runaway weakest of the major currencies as the North American session begins. The USD is weaker as flow of funds heads out of the safety of the US dollar – and other currencies like CHF and JPY – and into the European currencies.
The moves are being helped by hopes for a peace agreement in Ukraine. Russia calls Ukraine talks constructive. That has stocks higher and also yields moving to the upside. Oil is trading lower. OPEC meets this week and is expected to keep the 400K BPD increase plan intact although there is question if production goals can be met. There is storm damage to the Capsian Pipeline Consortium that will likely limit Russian oil exports. There is also the question of weaning off Russian oil going forward. On the negative side, Shanghai rolling Covid lockdown remains a concern, and peace is still better than war.