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Russian military announcement sends euro higher as it fights back

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News Tech: The euro rebounded on Tuesday, nearly erasing all of Monday`s losses, while the dollar’s losses deepened after reports some Russian troops in areas near Ukraine have started returning to their bases. Against the greenback, the single currency climbed 0.4% to $1.1354, and within striking distance of Monday’s high of $1.1369, as European stock markets rebounded on the news while bond yields headed higher. Some troops in Russia’s military districts adjacent to Ukraine are returning to their bases after completing drills, Russia’s defence ministry said on Tuesday, a move that could de-escalate frictions between Moscow and the West.

Growing geopolitical concerns have held back the euro’s gains over the past few days, even though the European Central Bank joined the ranks of central banks signaling a tightening of monetary policy at its meeting this month. The euro plunged to an almost two-week low on Monday after Ukrainian President Volodymyr Zelensky called on citizens to raise the country’s flag from buildings and sing the national anthem together on February 16.

“Russia’s decision to return some troops to their bases following the completion of some military exercises has stoked a relief rally in equities, while weighing on the dollar, gold, and oil,” said Marc Chandler, chief market strategist at Bannockburn Global Forex. While the biggest beneficiary of the news was the rouble which jumped as much as 2% on the news, investors also dumped safe-haven currencies like the yen and the franc . The Japanese unit registered its second biggest daily rise this year on Friday on rising tensions.

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“News about potential easing is welcome, but markets want to see something more concrete before deciding the crisis is over,” said Stuart Cole, senior macroeconomist at Equity Capital. I think,” he said. “I think that doing so would require removing enough troops and military equipment from the border, making it much more difficult to carry out an invasion.”

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