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Euro Down As Russian Invasion Intensifies

Euro Down As Russian Invasion Intensifies

The Sterling to Euro exchange rate reached its highest level since the Brexit referendum when the UK currency reached the 1.21 area in the early hours of Friday morning. The level reached after Zaporizhzhia nuclear power plant, and Europe’s biggest, came under attack from Russian troops in Ukraine. 

Pound Sterling appeared on course for a fifth consecutive daily gain over its European counterpart as UK Prime Minister Boris Johnson confirmed in a morning statement he would be seeking an emergency UN Security Council meeting in the coming hours. 

In level terms, the firmer tone to the dollar sees EUR/USD open this morning down near the 1.10 threshold with GBP/USD operating back in the lower half of 1.3350-1.33 whilst the GBP/EUR continues to strengthen and finds itself at an extreme high just shy of the 1.21 mark. 

Datawise, today sees the latest US labour market report. The consensus is for another strong rise in payrolls by 400k in February with the unemployment rate forecasted to edge lower to 3.9% also. However, given that the Fed has already teed-up a rate hike this month, barring any major surprises the data may not impact the dollar.

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