The Ukraine conflict continues to have an impact on the euro, which is still struggling against the dollar and the pound. Eurozone inflation figures will be released later today, and any surprise readings could spell further volatility for the single currency.
Sterling also remains volatile as the markets continue to respond to news from Ukraine. Boris Johnson said yesterday during his visit to Poland that the Russian President is engaging in “barbaric and indiscriminate” tactics.
The dollar continues to benefit from its status as a ‘safe-haven’ currency – typically strengthening in times of crisis. President Biden has said that the US will ban Russian aircraft from American airspace following bans from Europe and Canada.
Federal Reserve Chair, Jerome Powell, will make his testimony in front of Congress today and is expected to comment on rising inflation in the US, as well as the economic uncertainty brought about by the Ukraine conflict.
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