Russian President Vladimir Putin has accused Ukraine of carrying out genocide in the Donbass. However, the West accuses all of these are just false claims.
The US dollar fell about 0.35 percent to around 115.00 versus the Japanese yen in today's Asia-Europe trading session (17/February) due to increased geopolitical tensions in Ukraine. The euro also fell again, while the price of gold and crude oil soared as a result of the ongoing dispute.
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| USD/JPY Daily Chart via TradingView |
RIA news agency reported that Russian-backed separatists in Donbass and Luhansk, eastern Ukraine, accused Ukrainian government forces of attacking their territory with mortars. Military action using heavy weapons like this violates the agreement agreed to end the conflict several years ago.
Russian President Vladimir Putin has accused Kyiv of carrying out a "genocide" in the Donbass. However, the West accuses all of these are just false claims.
The Ukrainian camp denied the news. The United States also warned the media that Russia could fabricate false claims about the conflict in the Donbass region, including mass graves and production of chemical weapons in the form of photos and videos, to justify its invasion of Ukraine.
These rumors turned the market away from the news of the Fed's FOMC minutes back to the Ukraine crisis. Nevertheless, market participants seem to be relatively calm and quite skeptical of the prospect of a war, as the decline in the Russian ruble is likely to be limited. The increase in bond yields - one of the safe haven assets - is also not too significant.
"This clearly shows that market participants remain optimistic overall that conflict will be averted," MUFG strategists said in a note to clients cited by Reuters.
"I was immediately impressed... by the extent to which the FX market believed official Russian statements, whereas the Russian military has long been known for Maskirovka (Russian military propaganda -ed), namely its ability to disguise, deceive and surprise. Maskirovka is an ancient tradition of the Russian army, said Ulrich Leuchtmann, Head of FX and Commodities Research at Commerzbank, "As there is still a significant risk of escalation of the conflict, those who do not have to make a living from the risk-on/risk-off move should maintain a somewhat skeptical view. )."
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