While the war in Ukraine continues to dominate the headlines, its effect on most currencies has been relatively muted thus far, aside from the rouble.
Sterling has recovered close to its pre-invasion level against the euro but remains highly volatile as the markets assess the relative impact of the Ukraine crisis and economic sanctions on the euro and pound, while both suffer against the favoured ‘risk-off’ currencies like the US dollar.
In the business news, Russia has doubled its interest rate to 20% as the rouble falls, and Shell is selling its Russian investments.
As the petrol price rises to its highest ever, there is no relief on the rails in Britain with the 3.8% rail fare increase the largest in nine years.
In politics, Boris Johnson is flying to Poland and Estonia to discuss the Ukraine war, while Joe Biden prepares to deliver the State of the Union address.
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