USDCAD United States Dollar vs Canadian Dollar

The pound fell sharply against its major counterparts in the European session on Thursday, while the U.S. dollar appreciated, as Russia's attack on Ukraine and the possibility of retaliatory sanctions from the West spooked global markets.

European stock markets fell, tracking declines in Asia, following Russia's invasion of Ukraine, with bombings and strikes reported in cities across the country.

Ukrainian President Volodymyr Zelenskyy introduced martial law following Russia's attacks from several directions, including Donbas, Crimea and the northeastern region.

"This is an act of war, an attack on the sovereignty and territorial integrity of Ukraine, a gross violation of the UN Charter and fundamental norms and principles of international law," Ukraine's Foreign Ministry said in a statement.

European Commission President Ursula von der Leyen said that European leaders are planning to announce a package of massive sanctions that target strategic sectors of the Russian economy by blocking the access to technologies and markets that are key for Russia.

The pound depreciated to more than a 4-week low of 153.46 against the yen and near a 4-week low of 1.3383 against the greenback, off its early highs of 155.89 and 1.3549, respectively. The pound is poised to challenge support around 149.00 against the yen and 1.32 against the greenback.

The pound weakened to 1.2357 against the franc, its lowest level since January 25, and down from a high of 1.2440 hit at 8:45 pm ET. Should the pound slides further, 1.22 is likely seen as its next support level.

The pound, however, rose back to 0.8319 against the euro, not far from a 3-week high of 0.8306 seen in the previous session. The currency is likely to locate resistance around the 0.82 region.

Rebounding from its prior lows of 0.9171 against the franc and 1.1309 against the euro, the greenback jumped to an 8-day high of 0.9247 and more than a 3-week high of 1.1155, respectively. On the upside, 0.94 and 1.10 are possibly seen as its next resistance levels against the franc and the euro, respectively.

The greenback moved up to near a 2-month high of 1.2847 against the loonie, 1-week high of 0.7161 against the aussie and a 2-day high of 0.6690 against the kiwi, following its previous lows of 1.2726, 0.7233 and 0.6776, respectively. The greenback is seen finding resistance around 1.30 against the loonie, 0.68 against the aussie and 0.645 against the kiwi.

The greenback, meanwhile, held steady against the yen with the pair trading at 114.91. This followed a 3-week low of 114.41 hit at 1:45 am ET. At yesterday's close, the pair was valued at 114.98.

U.S. GDP data for the fourth quarter, weekly jobless claims for the week ended February 19 and new home sales for January will be featured in the New York session.

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