Ukraine Update: G7 foreign ministers due to meet in Brussels on Thursday, 7 April

Dhwani Mehta FXStreet

Amid intensifying Russia-Ukraine crisis, the West is considering tougher sanctions and penalties against Russia following the latter’s increased atrocities on Ukrainian civilians.

In response to that, Group of Seven (G7) foreign ministers will meet on April 7, Thursday, per Reuters.

In the last hour, it was reported that the US Ambassador to Poland Mark Brzezinski is set to sign a deal tomorrow with Polish Defense Minister Mariusz Blaszczak to buy 250 upgraded M1A2 tanks and ammunition, support and recovery vehicles, GPS receivers and other equipment.

Meanwhile, Ukrainian President Volodymyr Zelenskyy will speak Tuesday during a United Nations (UN) Security Council meeting on the conflict in his country.

Market reaction

The market mood remains mixed, as investors weigh in the chances of a faster Fed’s tightening against global economic growth concerns and the worsening Ukraine crisis.

The S&P 500 futures are down 0.07% on the day while the Asian markets trade rangebound to higher, with China and Hongkong observing a national holiday.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD softens below 1.1800 on Fed hawkish remarks

The EUR/USD pair edges lower to around 1.1775 during the early Asian session on Wednesday, pressured by a renewed US Dollar demand. Traders await the US President Donald Trump's State of the Union address later on Wednesday for clarity on fiscal policies.

GBP/USD regains 1.3500 and above

GBP/USD extends its advance for the third day in a row on Tuesday, this time retesting the area beyond the 1.3500 hurdle. Cable’s uptick comes despite decent gains in the Greenback and the dovish message from the BoE’s Bailey at the UK Parliament.

Gold consolidates below $5,150 as traders await Trump's State of the Union address

Gold steadies below the $5,150 level following the previous day's pullback from the monthly peak as traders opt to wait on the sidelines ahead of Trump's State of the Union address. In the meantime, trade-related uncertainties and geopolitical risks seem to act as a tailwind for the safe-haven bullion. However, the Fed's less hawkish outlook underpins the US Dollar, which, along with a positive risk tone, caps the upside for the non-yielding yellow metal.

Hyperliquid registers mild gains following CoinShares' ETP launch

Hyperliquid registered a 3% gain on Tuesday after CoinShares announced the launch of its Physical Hyperliquid Staking exchange-traded product, offering investors exposure to the token's price and staking yields.

The Citrini report: How a debatable AI narrative can shake Wall Street

That AI-related headline alone was enough to rattle investors.US stocks slid sharply on Monday after a widely circulated Citrini Research memo outlined a hypothetical “2028 Global Intelligence Crisis”, warning that rapid AI adoption could push US unemployment into double digits as early as by mid-2028.

XRP pressured by weak ETF flows and declining retail interest

Ripple (XRP) is edging lower, trading above its intraday low of $1.32 at the time of writing on Tuesday. The decline from its weekly opening of $1.39 reflects heightened volatility in the broader cryptocurrency market, accentuated by tariff-triggered uncertainty.