Russian presence in Ukraine has seen the Russian currency weaken heavily over the last few months, and this was compounded down to new two year lows on Monday. This was largely due to the dramatic fall in oil prices, and the widely held view that the country is due to further strengthen its stance in Ukraine.
On the other side of the world, the New Zealand dollar had a brighter start to the week, making early gains against its US counterpart. This was largely off the back of reaction from the stress test’s on Europe’s largest banks. Investor confidence has improved since the European Central Bank announced the results of these year-long tests, which assessed the finances on 150 banks. Overall 25 were found to have capital shortfall, but most have already taken steps to resolve this.
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