German Chancellor Scholz: We will continue to finance Ukraine militarily and financially

Joel Frank Independent Analyst

German Chancellor Olaf Scholz said in a video call with Western leaders on Tuesday that Germany will continue to finance Ukraine militarily and financially, reported Reuters.

Additional Remarks:

"Western leaders agreed we will give the maximum support to Ukraine but not get involved in the war."

"Our strength is in our unity... (Russian President Vladimir) Putin did not expect it."

"The impact of sanctions is a disaster for Russia."

"We reached the limit of what we can deliver from the German armed force's own stocks."

"We have asked the German armaments industry to tell us what they can deliver quickly."

"They include antitank and air defence weapons that Ukraine has asked for."

"An imposed peace as Putin envisages is unacceptable."

"With our partners, we agree that Russia must not win this war."

Asked if Germany is sending leopard tanks, Scholz said "our partners all agree it's best to send old East European stocks which Ukraine is familiar with."

"We, with our partners, will help provide long-range artillery to Ukraine."

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

EUR/USD deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.