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

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