EUR/GBP pressured as Ukraine crisis escalates By ross_burland EURGBP Currencies Ukraine BOE
Ukraine crisis is driving risk over a cliff as tensions escalate. is lower at the start of the week, caught up in the risk-off flows during the open that saw the safe-haven currencies gain following the latest headlines surrounding Russia's invasion of Ukraine.
Missiles pounded the Ukrainian cities once again over the weekend as Russian forces pressed their advance. Western powers' moves to cut some Russian banks from the SWIFT global payments system and freeze the Bank of Russia's reserves have resulted in Russian president Vladimir Putin giving the nuclear readiness order.
Meanwhile, last week, Bank of England policymaker Catherine Mann highlighted high inflation expectations as a reason for voting for a 50 basis point interest rate rise earlier this month. TheGovernor Andrew Bailey also told lawmakers he saw clear risks that inflation could overshoot their own forecasts but urged investors not to get too carried away about the likely scale of rate increases.
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