After reaching a new 2022 low against the dollar yesterday, sterling has seen some recovery against both the greenback and the euro this morning
Russia’s invasion of Ukraine triggered a sell-off in global stock markets and investors initially flocked towards safe-haven currencies, such as the dollar. However, growing hopes of a cease-fire deal through NATO have supported sterling this morning.
Prime Minister Boris Johnson has said that Russia’s attack on Ukraine comes “without any provocation” and the UK “cannot and will not just look away”. He has announced new sanctions on Russian oligarchs and asset freezes on banks and defence companies and has suggested excluding Russia from SWIFT.
In the business world, consumer confidence fell to its lowest level in 13 months in February as consumers felt the brunt of red hot inflation.
