The pound strengthened against the euro and weakened against the dollar this morning following news that Russia has invaded Ukraine.
Although the pound strengthened against the euro, it has failed to break through 2022 highs. Meanwhile, sterling is down against the dollar due to greenback strength.
The Prime Minister said this morning that the UK and allies will respond to the invasion and more sanctions on Russia are likely. Junior Foreign Minister, James Cleverly, has said that these will be the most severe sanctions that Russia has ever seen.
This afternoon, Governor of the Bank of England, Andrew Bailey, will speak and the markets will be listening for any comments surrounding monetary policy.
