Today's news headlines:

‘Oil shoots to $130 as chance of Russian ban spurs crisis’. The Biden administration is considering a ban on Russian oil imports to the US as a way of tightening the economic sanctions placed on Russia. Brent crude prices soared 18% early this morning before falling to around $128 a barrel as London woke up. The US is also in ‘very active discussions’ with Europe over a coordinated ban on Russian imports, which is likely to exacerbate oil price volatility. (Bloomberg)

‘UK premier says more pressure needed on Putin’. UK Prime Minister Boris Johnson claimed Putin’s invasion of Ukraine is now ‘sinking further into a sordid campaign of war crimes and unthinkable violence against civilians’. He reiterated that NATO wouldn't be drawn into the conflict, despite calls for a ‘no-fly zone’ in Ukrainn—a move that grants the right to shoot down planes entering the zone. Johnson called for further humanitarian efforts and resources to help Ukraine defend itself. (Bloomberg)

Today

Global equities slid further this morning after news of a ban on Russian oil sent Brent crude to a high of $139 a barrel. Expectations of a deeper global inflation shock sent gold prices to $2,000 while the US Dollar continued to strengthen on a trade-weighted basis.

Events

German Factory Orders (Jan): 1.8% (est. 1.0%)
US Consumer Credit Change: 8:00PM
Japanese Current Account Balance (Jan): 11:50PM

Interbank rates:

GBP/USD – 1.3185
GBP/EUR – 1.2125
EUR/USD – 1.0874
USD/CAD – 1.2705

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