As you would expect the Ukraine situation is dominating headlines around the globe. The Russian Rouble has dropped heavily versus the Dollar which is to be expected based on the sanctions the West is imposing on Russia.
However the conflict has made the price of oil jump. Oil and gas account for 60% of Russia's exports and provide 30% of Russia's GDP. Therefore whilst the Rouble is in dire straits the inflated price of oil is actually benefitting Russia.
The Pound is out of favour with traders also. The markets reopening after the weekend sees the Pound losing versus the Euro, the Dollar, the Canadian Dollar and the Australian Dollar.
Today sees a number of speeches from ECB members which could create further volatility for the GBP/EUR rate.
As ever we look forward to keeping you in the loop and look out for our next update.
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Today’s Economic Calendar
EUR: 11:30 ECB's Fabio Panetta Speech
EUR: 15:50 ECB's Christine Lagarde Speech
CHN: Tuesday 01:00 Manufacturing Data
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