Western countries started imposing sanctions on Russia for its violation of the Ukrainian border. Sanctions on financial companies as well as some Russian individuals were imposed among others. Decision of the United States and Germany to halt launch of the Russian gas pipeline Nord Stream 2 was also announced. Apart from that, US, UK and Canada decided to move more troops and equipment to NATO countries in Eastern Europe as tensions remain high and risk of further Russian incursion into Ukraine remains real.
Russian equities as well as ruble are taking a hit. USDRUB jumped above 80.00 yesterday for the first time since November 2020. The pair pulled back below this hurdle later on and painted a double top in the 79.60 area as a result. Bears tried to push the pair lower earlier today but an upward move was resumed after launch of the European session. Fundamental situation and overall sentiment do not favour the Russian ruble and therefore another attempt of breaking above 80.00 cannot be ruled out.
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Source: xStation5
