The conflict in Ukraine continues to be a main driver for the currency markets. The euro had a brief rebound yesterday against the pound before weakening again, as the markets digest news that Russia has ordered troops into rebel-held areas of eastern Ukraine.
This morning, the UK’s Foreign Secretary, Liz Truss, said that she is ready to escalate the sanctions placed on Russia in the event of a full invasion. These comments followed criticism from some MPs, who say that the current sanctions don’t go far enough. She also said that she is “very concerned” about an imminent invasion.
President Biden has said that he will no longer meet with President Putin unless the situation de-escalates. The US has also introduced a variety of sanctions on Russia.
The currency markets will continue to be driven by events in Ukraine and there could be more volatility ahead.
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