White House's Finer says all signs on the ground suggest step towards military action not diplomacy

White House Principal Deputy National Security Adviser Jonathan Finer says the president has said will take whatever steps to keep diplomatic staff safe.

House's Finer says we fully expect Russia to take military action.

White House's finer says all signs on the ground suggest step towards military action not diplomacy.

White House's finer says there can be no diplomatic meetings with US-Russia foreign ministers or presidents if Russia takes further military action in Ukraine.

Market implications

Risk-off. Tensions in the Ukraine/Russia region alongside Russia’s President Vladimir Putin recognizing two separatists Eastern Ukraine regions increased appetite for the safe-havens. Consequently, risk-off is occurring in financial markets. USD/JPY has traded at fresh daily lows down at 114.49.