The euro is up, stocks are higher alongside bond yields, while gold and oil are pulled down.

It's the so-called "peace" trade playing out as fears surrounding the Russia-Ukraine situation are being faded. As much as the situation on the ground remains unchanged, markets are starting to adapt and adjust to the reality at least.

At the end of the day, while war is a cruel and terrible sight to behold, the reverberations of a battle between Russia and Ukraine may not have too dire consequences unless sanctions start to get heavier.

Yes, there will already be a toll on global markets based on what is in play now but as mentioned, we're all adjusting and accepting the situation as it comes.

EUR/USD is up 0.6% to 1.0970 levels now, running into resistance from its key hourly moving averages @ 1.0973-81:

EURUSD H1 14-03

Meanwhile, S&P 500 futures are up 1.1% with the DAX up 3.0% on the day currently. 10-year Treasury yields are up 8.3 bps to 2.088% as bond yields are surging higher.

Elsewhere, oil is down nearly 5% to below $104 with Brent down nearly 4% to close to $108 at the moment. Gold is down 1% to $1,965.

As commodity prices retreat, the aussie is seeing itself down 0.6% to 0.7245 while NZD/USD is down 0.2% to just below 0.6800. As for USD/JPY, the pair is clipping the 118.00 level for the first time in over five years.