• Meanwhile in the Ukrainian crisis, the Germans are trying their utmost to treat the Russian with velvet gloves. The Kremlin did not do any funny stuff to or in Ukraine over the weekend (only reports on Friday of a foiled plot), while the US and its NATO allies are sending more arms to the Ukrainians, which the Germans are desperately trying to prevent or at least to NIMBY. And the Germans are so hooked on that Russian natural gas that the Chancellery is now proposing not to include nuclear in the green energy transition but to include natural gas as a ‘transitory’ green energy source. In any case, with the best dramatic Ukrainian headline being the US now also evacuating the family members of diplomatic staff, EURCHF is off the lows (while staying in the low 1.03s) while USDRUB has erased its losses from the late session last Friday.

 

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