The markets will be keeping a watchful eye on US inflation figures today, which could support expectations for the Federal Reserve to hike interest rates in March. Higher-than-expected figures could suggest that rates will be raised more aggressively than expected this year.
The dollar is steady this morning ahead of the data release and could be impacted by the figures when they come out this afternoon.
The pound is still weaker against the euro but is attempting to strengthen against the dollar. Yesterday, a Bank of England official expressed the need for further interest rate hikes due to positive employment data.
The situation at the Ukraine border continues to escalate, with Russian troop numbers growing, according to western officials. Foreign Secretary, Liz Truss, warned her Russian counterpart that war would be “disastrous”.
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