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Bold new sanctions on Russia and more weapons for Ukraine were announced over the weekend. Russia responded by raising the readiness of its nuclear forces. As a result, the risk-on seen ahead of the weekend has been reversed.
The Australian dollar has been confined to its pre-weekend range and is probing the $0.7200-area near midday in Europe.
The US reports the January advanced goods trade balance, inventory data (wholesale and retail), and the Dallas Fed's manufacturing survey.