FXStreet (Córdoba) - Investors welcomed news of an agreement between Russia and Ukraine to cease fire, which lifted risk appetite across markets. However, equities trimmed some of their initial spikes, gold recovered from lows and the euro eased from highs as markets are confused by subsequent downplays and denials from Moscow.

The EUR/USD jumped to a high of 1.3156 following the first headlines despite disappointing services PMIs from the region. The GBP/USD recovered from 6-month lows, helped by a strong service PMI reading, but the bounce was halted a few pips shy of the 1.6600 level.

The USD/JPY remained pretty steady around 105.00, while the AUD/USD continued to benefit from a strong GDP reading and hawkish comments from RBA Stevens.

Elsewhere, European equities and US futures remain firm but off highs. Gold bounced of an 11-week low and erased intraday losses to trade near $1,267 an ounce.

During the New York session, watch for US factory orders data and the Fed beige book.

Main headlines in Europe:

What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank

EUR/USD ignored PMIs, focused geopolitics and rushed above 1.3150

Ukrainian and Russian presidents agree permanent ceasefire

UK: Services PMI rises against expectations in August

Risk appetite surges as Russia and Ukraine agree ceasefire

European Monetary Union Retail Sales (YoY) registered at 0.8%, below expectations (0.9%) in July

Russia denies ceasefire deal

USD/RUB lost all the September gains in a second

Gold recovers from 11-week lows

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