Lot's of news to digest happening overnight.
Firstly the escalation of the Ukraine situation with Russia both recognising supposedly independent regions of Ukraine in the East occupied by Moscow backed separatists and then sending troops into those regions. On the back of this the UK had a COBRA meeting after which it was announced this was the start of the Ukraine invasion and the UK has promised sanctions on Russia.
This has resulted in a weakening of the Dollar against both the Pound and the Euro.
The other major news story is the removal of all Covid restrictions in England from 1st April. The rest of the UK has suggested a more cautious approach. However the overall move is towards the UK coming out of the Covid crisis short of a new variant.
This has had little impact on the GBP strength however. GBP/EUR has actually pulled back quite sharply this morning. Almost certainly a reaction to the UK being one of the first to announce potential sanctions on Russia, but also supported by technical trading as the GBP/EUR rate was right up against long term resistance so statistically more likely to drop back than break out with no real catalysts in play.
The market continues to be pushed by global news stories rather than scheduled data. Today there is only the US Consumer Confidence data out later that might move rates.
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
US: 15:00 Consumer Confidence