The pound is stronger against the euro and weaker against the dollar this morning. This follows news that Russia has launched a full-scale invasion of Ukraine, with reports of missile strikes and explosions in cities such as Kyiv and Kharkiv.
President Putin has said that Russia does not plan to occupy Ukraine and has ordered Ukrainian troops to lay down their weapons, warning of an “immediate” response if troops fight back.
The FTSE 100 plunged this morning by more than 200 points following this news.
Prime Minister Johnson, President Biden and European Commission Chief, Ursula von der Leyen, have all said that sanctions on Russia will be ramped up severely.
The dollar is benefitting from its status as a ‘safe-haven’ currency, strengthening against the pound and the euro. Meanwhile, the euro is volatile as it continues to respond to news surrounding the conflict.
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