Russia invades Ukraine!

This week has been dominated by the news coming out of Ukraine.

Key markets took an initial hit first thing yesterday morning but started to recover over the course of yesterday and this morning.

The Pound has taken a hit against the Dollar over the course of the last couple of days, something ?expected given the two countries’ different geographical distances between the conflict zone.

Against the Euro, the Pound has remained relatively stable despite the turmoil in Eastern Europe.

The Russian Ruble incidentally hit an all-time low yesterday.

Last night Western Government’s announced one after another, a raft of economic sanctions against the Russian Federation. It will take a bit of time to dissect the ins and outs of these and what they will mean. 

A key figure from yesterday was that oil hit the $100 a barrel mark. It came back down after it emerged the Russian energy industry wasn’t likely to be sanctioned, but this option remains on the table. We can therefore still expect some short term volatility in oil pricing.

In other news, figures this week from the OBIE (Open Banking Implementation Entity) show that over 4 million people in the UK are now using Open Banking Services.

Image Copyright: Yan Boechat/VOA, Public domain, via Wikimedia Commons

Want to recieve The Friday Update straight into your inbox?

Previous updates...

Sterling continues to gain against USD

Sterling continues to gain against USD

It’s been a pretty quiet week once again for the UK economy. There have been no major economic data releases, events or political activity. Sterling has to therefore benefitted from a comparatively negative week across the other side of the Atlantic. This week saw ‘worse than expected’ manufacturing and employment

A positive week for Sterling

A positive week for Sterling

Following the drama of the last couple of weeks, the last five days have been relatively quiet on the economic front. There were no major economic releases coming out of the UK. Over the course of the week, we’ve seen the Pound slowly gain ground against both the Euro and

UK digests new economic policies announced in Autumn Statement

UK digests new economic policies announced in Autumn Statement

It has been a huge week for the UK economy. On Tuesday the rate of unemployment rose slightly from 3.5% to 3.6%. This was swiftly followed by higher-than-expected inflation figures on Wednesday. UK inflation is now sitting at a whopping 11.1%, a 41-year high. Yesterday we saw the Autumn Statement

1 2 3 14