Reports are floating that the pro-Russian rebels and Ukraine have agreed on a ceasefire. This is good news for the region and good news for the euro, that is recovering against the dollar on the weak NFP.
However, this should be taken with a grain of salt, as previous ceasefires have collapsed. In addition, there were reports earlier about the rebels entering the south-eastern city of Mariupol. There is a lot of misinformation from all sides around this conflict. Nevertheless, it does move markets.
Good news from Ukraine is also negative for the safe haven currencies such as the yen and the Swiss franc. Yet recently, the yen didn’t always react and the EUR/CHF is just too close to the floor of 1.20, so it has limited room for movements.
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