Seeking Clarity

G10 currency pairs hold fairly tight ranges (especially compared to yesterday) as participants assess the latest barrage of sanctions against Moscow/situation on the ground in Ukraine amid plenty of noise on the headline front. Reports were doing the rounds earlier today that Russia was planning a massive bombing on Kyiv for 03:00 local time but there has been no confirmation of it coming to fruition so far, with Western intelligence noting that Ukrainian forces were putting up fiercer resistance than anticipated by Moscow. General reporting suggests that Russian troops are advancing towards Kyiv in a bid to seize the capital.

• The greenback has paid little attention to comments from Fed's Waller who flagged potential for a 50bp rate hike in March, if the data facilitates the need for such a move. The U.S. dollar underperforms all of its G10 peers save for SEK, which remains vulnerable to the fallout from Russia's war against Ukraine. CHF has edged higher on defensive flows in Europe, while CAD draws a modicum of support from an uptick in oil prices.
• U.S. personal income/spending, German & French GDP data and Norwegian unemployment will take focus on the data front. ECB Pres Lagarde will speak after Eurogroup meeting.