“US intelligence agencies have determined that Russian President Vladimir Putin is growing increasingly frustrated by his military struggles in Ukraine, and may see his only option as doubling down on violence,” NBC News reports, citing current and former US officials.

The US officials noted: “As the Russian economy teeters under unprecedented global sanctions and his purportedly superior military force appears bogged down, Putin has lashed out in anger at underlings, even as he remains largely isolated from the Kremlin due in part to concerns about Covid"

Market reaction

Risk tone is souring over the last hour, as investors look to safety once again, as the S&P 500 futures drop 0.10% on the day.

AUD/USD is back in the red, closing in on 0.7250 support ahead of the RBA decision.