Ukrainian President Viktor Yanukovich has fired the army chief and replaced him with the head of the navy. The combination of trouble in the Ukraine and risk aversion is weighing on EUR/USD.
Things appear to be happening very quickly. Initially, a decree on the president’s website said both men were fired but a second said navy chief Yuriy Ilyin was taking both positions. I expect the Ukrainian army is much stronger than the navy and this situation is extremely volatile. A civil war is creeping closer.