The lead in to the Asia session:

Forexlive Americas FX news wrap: Total turnaround with sanctions softer than feared

Asia headlines:

The news flow out of Ukraine slowed somewhat from yesterday here during the Asia session but of course events in the country continue to come under intense scrutiny.

There were reports of sporadic explosions, missile & plane attacks (with air defence responses), and sanction responses from Japan, the EU, Australia, New Zealand, France and others.

US Secretary of State Blinken repeated his belief that Putin will attempt an overthrow of Ukraine’s government.

US President Biden will hold a virtual NATO summit from 9am Washington time, closed to media.

Market movement was much more subdued than Thursday. USD/JPY declined net for the session while cable rose back above 1.38. You’ll notice a wobble in the AUD (and kiwi) just after 11am Sydney time. Australian Prime Minister Morrison berated China for easing trade restrictions on Russia ‘at a time like this’, prompting a few bids to be pulled from the Australian dollar. Net for the day now though its little changed.

usdyen chart 25 February 2022