The pound is stronger this morning following better-than-expected retail sales data.
In January, the UK saw the biggest monthly increase in retail spending since the lockdown was lifted last spring.
Nonetheless, tensions in Eastern Europe continue to be the main driver of currency movements.
Yesterday, there were reports of shelling in the Ukrainian territory of Donbas, something that Russia and Ukraine appear to be blaming each other for. As such, markets are turning to safe-haven currencies, such as the dollar, causing the euro to feel the pressure.
Later today, President Joe Biden will host a meeting on the Russia-Ukraine conflict with several global leaders.
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