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Amid rising tensions over Russian military build-up near Ukraine border, European Union’s (EU) top diplomat Josep Borrell  cited, per Reuters, the risk of further escalation in the geopolitical woes.

The news also mentioned, “In Washington, the Pentagon said the Russian military build-up was larger than that in 2014 and it was not clear that it was for training purposes.”

It was also mentioned that Ukrainian Foreign Minister Dmytro Kuleba, after addressing EU foreign ministers, called on the EU to impose new sanctions on Russia.

FX implications

Despite being a developing story, the news tests market sentiment and could add to the market’s latest risk-off mood. That said, S&P 500 Futures await fresh clues after stepping back from the record top the previous day.

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