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Dollar Drifts Lower As Safe-haven Demand Drops Amid Progress In Ukraine Peace Talks

The U.S. dollar shed ground against most of its major rivals on Tuesday as reports about progress in Russia-Ukraine cease-fire talks dimmed the demand for the safe-haven currency.

According to a Reuters report, Russia’s deputy defense minister has said that Russia has decided to drastically cut its military activity focused on Kyiv and Chernihiv. Ukrainian negotiators proposed adopting neutral status in exchange for security guarantees.

On the economic front, a report from the Labor Department showed the number of job openings in the United States was 11.266 million in February of 2022, little changed from an upwardly revised 11.283 million in January.

The S&P CoreLogic Case-Shiller 20-city home price index in the US rose 19.1 percent in January of 2022, the most since September, following a revised 18.9 percent growth in the previous month

A report released by the Conference Board showed an unexpected improvement in U.S. consumer confidence in the month of March.

The report showed the Conference Board’s consumer confidence index rose to 107.2 in March from a revised 105.7 in February. Economists had expected the index to dip to 107.0 in March from the 110.5 originally reported for the previous month.

The dollar index dropped to a low of 98.04, and despite recovering to 98.42, still remained almost 0.7% down from the previous close.

Against the Euro, the dollar is trading at $1.1089, down nearly 1% from Monday’s close of $1.0988.

The dollar is trading at $1.3095 against Pound Sterling, down marginally from $1.3092.

Against the Japanese currency, the dollar is weak, fetching 122.89 yen a unit, compared with 123.91 yen on Monday.

Against the Aussie, the dollar has weakened to 0.7508 from 0.7489.

The Swiss franc has firmed to 0.9309 against the dollar from 0.9344. The Loonie is marginally up against the dollar at C$1.2504.

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