The flow through from Russian sanctions. NAB’s Rodrigo Catril says the market reaction highlights the exposure Europe has, hence strong demand for US dollars.

Don’t panic. NAB’s David de Garis says markets are taking the Ukraine crisis in their stride, and have shifted their focus back to central banks tackling inflation concerns.

President Biden has announced sanctions against Russia’s invasion of Ukraine. NAB’s Ray Attrill says the market response hasn’t been strong so far, but maybe the uncertainty is even to dissuade the RBNZ from contemplating a half percent rate hike today.

A reversal in sentiment. On today’s Morning Call NAB’s Tapas Strickland says the hopes of a diplomatic solution have diminished as Putin declares support for separatists in Eastern Ukraine. Tensions there are overshadowing everything else right now.

Wars often have short term impacts on markets, but this time could be different says NAB’s Rodrigo Catril, given Europe’s dependence on Russian commodities. Let’s hope it doesn’t happen.

Whilst all eyes are still on Ukraine, trading is thin ahead of a long weekend says NAB’s David de Garis. But bonds have been shifting in response to the FOMC minutes, with no nugget suggesting a half percent rate rise in March.