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Market Wire - Markets Plunge on Ukraine Invasion Fears

CalendarFebruary 11, 2022
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Karl Schamotta - Chief Market Strategist, kschamotta@cambridgefx.com

Global financial markets are suffering another round of turmoil this afternoon, with a widespread selloff triggered by rumours of an imminent Russian invasion of Ukraine. Unconfirmed reports circulating on Twitter this afternoon are suggesting that Russian President Putin has decided to launch an invasion next week, with battle plans being delivered to military leaders.

During a White House briefing, US National Security Advisor Jake Sullivan said, “We are not saying Putin has made a final decision”, but “We are in the window where a Russian invasion of Ukraine could begin at any time,” with an attack possible “during the Olympics despite a lot of speculation that it would only happen after”.

The United Kingdom and United States have both ordered citizens to evacuate in the next two days.

10-year Treasury yields have sunk back below the 2 percent mark, and the dollar is seeing strong safe haven buying. Equity markets are down sharply.

With a conflict likely to put short-term pressure on global energy supplies, oil prices are soaring. Both West Texas Intermediate and Brent benchmarks have gained almost 4 percent on the day.

The Canadian dollar is confirming its increasing detachment from petrocurrency status, tumbling even as oil prices climb.

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