The dollar was trading around its highest level since late January yesterday but has weakened slightly this morning as market sentiment around the Russia-Ukraine crisis slowly improves.
Like the UK, the US has also imposed strict sanctions on Russia in response to its invasion of Ukraine. Speaking yesterday, President Biden said: “Putin is the aggressor. Putin chose this war. And now he and his country will bear the consequences”.
Today there will be a summit of NATO alliance leaders to address the crisis. Any outcomes from this could heavily impact the markets.
There was a flurry of data releases for the US yesterday. GDP grew 7% in the final quarter of 2021, new home sales fell 4.5% month-on-month in January and initial jobless claims fell by 17k last week. Later today, we will see data for durable goods orders and personal income and spending in January.
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