Euro declined against most major rivals on Thursday following weak data while markets assess geopolitical developments. 

Russia

The US Senate asserted the decision to ban Russian oil and gas supplies today.

The EU is also discussing imposing similar bans on all or most Russian energy supplies.

The strict measures comes following news of massacres committed by the Russian army in several Ukrainian cities. 

EUR/USD fell 0.1% to 1.0887 as of 17:45 GMT, with an intraday high at 1.0938. 

An official at the European Central Bank expected an exit from the negative rates policy by year end. 

Official data showed retail sales rose 0.3% in March, while analysts expected a 0.6% rise. 

US Dollar

The dollar index rose 0.1% to 99.7 as of 17:47 GMT, marking a session-high at 99.8, and a low at 99.4. 

The Federal Reserve released the minutes of its last meeting, at which policymakers voted to hike rates by 25 basis points to 0.50% for the first time since 2018, with many members preparing for 50-basis-points hikes in the future.

The minutes are consistent with market expectations of several rate hikes in the US in the next few months, starting in May.

Aussie

The Australian dollar fell 0.5% as of 17:49 GMT to 0.7477, with a session-high at 0.7521, and a low at 0.7466. 

Earlier Australian data showed a surplus of 7.47 billion Australian dollars, missing estimates of 11.70 billion. 

US stock indices declined on Thursday despite stellar labor data, however the market is anticipating the Federal Reserve's policy tightening this year.

US unemployment claims fell to 166 thousand in the week ending April 2, the lowest since 1968, besting estimates of 201J, and below 171Kin the previous week.

The Federal Reserve released the minutes of its last meeting, at which policymakers voted to hike rates by 25 basis points to 0.50% for the first time since 2018, with many members preparing for 50-basis-points hikes in the future.

Higher interest rates boost treasury yields and are directly related with worsening stock performance due to higher debt services.

Dow Jones fell 0.6% as of 14:36 GMT to 34,300, while S&P 500 fell 0.1% to 4,479, as NASDAQ declined 0.1% to 13,902.

Copper prices declined on Thursday as the dollar index strengthens while factories in China reduce activities, plunging demand on copper in China.

Copper-dependent factory operations in China have tumbled by quite a lot recently, in turn hurting prices.

Production has fallen as well in China, due to the new spread of the Omicron variants of Covid 19 in China, forcing the locking down of several major Chinese cities.

The dollar index rose 0.1% to 99.6 as of 14:19 GMT, with an intraday high at 99.8.

Copper is rather pressured these days due to the strength of the dollar, while concerns fade about the passage of ships through the Black Sea.

Copper futures due in May fell 0.8% to $4.70 a pound as of 14:13 GMT.

Ruble has improved quite a lot recently after the initial tumble following Russia's invasion of Ukraine, falling to as low as 139 against dollar before improving to 79 recently. 

The rapid recovery made it the world's best performing currency in March, as the Russian government intervenes to boost it.

Is the Russian financial system stabilizing? 

Analysts don't see it as a surprise, as Russian exports double in March compared to February, while the central bank managed to control the escape of capital outside.

The continuous Russian energy supplies meant continuous stream of foreign cash, valued at a billion dollar a day, bolstering the economy in March.

Ruble

Ruble represents the epitome of that tenuous recovery, is it a result of the central bank's efforts alone?

Obviously the pivotal moment came when President Vladimir Putin decided to make Ruble the default payment currency for energy supplies to unfriendly countries, in order to support the currency.

Austria has already started to pay Ruble for Russia's gas supplies with other countries tentatively planning similar paths..