Russia and Ukraine war intensifies

The New York Times has said that Ukraine executed its most brazen attack into Russian territory targeting two military bases hundreds of miles inside the country, using unmanned drones, according to the Russian Defense Ministry and a senior Ukrainian official.

''The drones were launched from Ukrainian territory, and at least one of the strikes was made with the help of special forces close to the base who helped guide the drones to the target, said the official, speaking on condition of anonymity to convey sensitive information.''

Market implications

A risk-off tone has struck markets at the start of the week and this news will likely embolden the US Dollar bulls. 

• US Dollar comes up for air and eyes 106.00

US data has encouraged a flight to safety after an injection of investor enthusiasm over signs of possible loosening in COVID restrictions in China faded. Renewed speculation that the Federal Reserve may not be able to pivot as soon as December is driving the forex board at the start of this week.