Forex Today: Demand for safety continues, but not for the greenback

What you need to know on Friday, February 18:

Ukraine-Russia conflict continued to dominate the headlines and fueled demand for safe-haven assets, although speculative interest stood away from the greenback. Major pairs remained stable within familiar levels after both countries blamed each other for some shelling that took place early on Thursday in the Donbass territory.

The situation escalated as the day went by, resulting in broken diplomatic talks. Western nations believe that not only Russia is not retreating but preparing for an invasion. Russia ejected US officials from their embassy and accused Washington of ignoring its security demands, while US President Joe Biden accused Moscow of creating drama to justify an invasion.

Also, the US Secretary of Defense reported that Russian forces are moving closer to the Ukrainian border wh le. US Ambassador to the UN noted the"t: "the evidence on the ground is that Russia is moving toward an imminent invasion. This is a crucial moment."  

Gold benefited the most from the risk-averse environment, trading at its highest since June 2021 at around $1,900.00 a troy ou e. The GBP/USD pair managed to extend gains beyond the 1.3600 level, but  EUR/USD remains stuck at around 1.1350.

The CHF and the JPY reached fresh weekly highs against their American rival amid demand for safety, while commodity-linked currencies remained around their opening levels.

Crude oil prices ticked lower, dragged by the sour tone of equities, and WTI trades at around $91.40 a barrel.

Asian and European equities closed mixed, but US indexes remain in the red heading into the close. Government bond yields, on the other hand, edged lower amid increased bonds demand.

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