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22 Apr 2014
EMEA EM Express: US offers more financial support to Ukraine
FXStreet (Łódź) - US Vice President Joe Biden visited Kiev on Tuesday and assured Ukrainian officials that they could count on US support to smoothly carry out the presidential elections scheduled for May 25. The poll's success is endangered by the actions of Russian forces in the eastern regions of the country and in Crimea, Ukrainian PM Arseny Yatseniuk stressed, calling for a withdrawal of the troops.
"You face very daunting problems, and some might say, humiliating threats," Biden said, and urged Russia to pull its forces away from Ukrainian borders. He also stressed that Moscow was running out of time to make progress and warned that further provocations on Russia's part would result in a deepening isolation and higher costs.
Earlier on Tuesday the White House announced that the US would provide another rescue package of 50 million dollars to Ukraine to assist with economic and political reforms. Kiev would also receive help to become less dependent on Russian energy.
Meanwhile, pro-Russian separatists who occupy government buildings in the eastern part of the country still refuse to follow the agreement struck by Ukrainian, Russian, EU and US officials last week in Geneva, which requires them to vacate the buildings and disarm. Moreover, late on Monday, the militants seized a police station in Kramatorsk.
On Tuesday Ukrainian officials presented photos which, as they say, show Russian special forces acting as "sabotage-reconnaissance groups" in Ukrainian towns. If their authenticity is confirmed, this would be proof of organized Russian action in Ukraine.
Technicals
USD/RUB continued to rise on Tuesday, up by 0.08% at 35.7150 at the moment of writing.
Bill Hubard, Markets.com Chief Economist warns that the tensions in the Russian-Ukraine crisis could still rise, keeping “RUB under pressure, as well as other regional currencies such as HUF.”
“Therefore, we have recommended waiting for further de-escalation in geo-political risk before positioning for further PLN and HUF strength – which we expect can be driven by improving fundamental support – while we keep to our medium-term bearish bias on RUB,” the analyst adds.
"You face very daunting problems, and some might say, humiliating threats," Biden said, and urged Russia to pull its forces away from Ukrainian borders. He also stressed that Moscow was running out of time to make progress and warned that further provocations on Russia's part would result in a deepening isolation and higher costs.
Earlier on Tuesday the White House announced that the US would provide another rescue package of 50 million dollars to Ukraine to assist with economic and political reforms. Kiev would also receive help to become less dependent on Russian energy.
Meanwhile, pro-Russian separatists who occupy government buildings in the eastern part of the country still refuse to follow the agreement struck by Ukrainian, Russian, EU and US officials last week in Geneva, which requires them to vacate the buildings and disarm. Moreover, late on Monday, the militants seized a police station in Kramatorsk.
On Tuesday Ukrainian officials presented photos which, as they say, show Russian special forces acting as "sabotage-reconnaissance groups" in Ukrainian towns. If their authenticity is confirmed, this would be proof of organized Russian action in Ukraine.
Technicals
USD/RUB continued to rise on Tuesday, up by 0.08% at 35.7150 at the moment of writing.
Bill Hubard, Markets.com Chief Economist warns that the tensions in the Russian-Ukraine crisis could still rise, keeping “RUB under pressure, as well as other regional currencies such as HUF.”
“Therefore, we have recommended waiting for further de-escalation in geo-political risk before positioning for further PLN and HUF strength – which we expect can be driven by improving fundamental support – while we keep to our medium-term bearish bias on RUB,” the analyst adds.