What You Need to Know on Wednesday, April 6:

The dollar was the definitive winner against all its major rivals on Tuesday. Behind the market movements were the reduced chances of finding a diplomatic solution to the Russia-Ukraine conflict and the aggression of central banks.

Earlier in the day, the Reserve Bank of Australia abandoned its patient stance, providing an unexpected increase in the local currency. Governor Philip Lowe removed the phrase "I'm ready to be patient" from his usual statement and pointed to a rate hike in June. The RBA was last promoted in 2010. Lowe also said that he will now focus on inflation and labor costs data. Australian Federal elections will be held in May

.This afternoon in America, Federal Reserve Governor Lael Brainard pointed to an aggressive decline in the balance sheet and said that coupled with interest rate hikes will bring monetary policy closer to neutrality later this year. The word sent the yield on the 10-year Treasury bill to 2.567%, which currently holds close.

Meanwhile, the EU is examining the ban on coal imports from Russia due to the US increasing oil imports from Canada. A new round of sanctions against Russia would most likely be implemented on Wednesday, France's European Affairs Minister Beaune said.

Mihaylo Podolyak, Advisor to the Ukrainian Presidential Office and also a member of the negotiation team, said, "If Russia withdraws its troops to its position on February 23, we will put the peace agreement with Russia to a national referendum."

In addition, Ukrainian President Volodymyr Zelensky said that sanctions against Russia should be proportionate to war crimes in the city of Bucha. Zelenskiy made statements regarding the war launched by Russia against Ukraine on February 24, in the video message he published on his Telegram account.

In the Stock Exchange Today

EUR/USD is down to 1.0900 while GBP/USD is trading around 1.3076.

AUD/USD has managed to retain some of its post-RBA gains, but has been pulled down from the 2022 high of 0.7660.

USD/CAD is approaching 1.2500 as crude oil prices drop sharply and WTI is currently hovering around $100.00 per barrel.

Gold climbed as high as $1,944.56 an ounce and is currently struggling around $1,920 as demand for the dollar is renewed. The US FOMC will release the Minutes of its final meeting on Wednesday.

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