War or rate hikes, it's very clear that investors are worried about the former. Sentiment took a deep dive on Friday on worries over an imminent Russian invasion of Ukraine. WTI crude oil surged to new 7-year high while Gold also soared before weekly close, while stocks took a heavy beating. In the background, markets are raising their bets on aggressive Fed tightening. But that would take a back seat for now until the Russia/Ukraine situation de-escalates. The weekly currency heatmap couldn't really reflect the sharp turn on Friday. Aussie was the strongest for the week followed by Kiwi. Euro was the worst, followed by Yen and Dollar. However, it should be noted that Yen and Swiss Franc had sharp rallies before close and would remain strong on geopolitical risks. Euro and commodity currencies could extend their late weakness too. | 