The U.S. Dollar Index was up 0.27% to 98.933, while the euro was down 0.6% to $1.0864
The dollar was up on Monday morning in Asia, with the euro falling to a fresh 22-month low against the dollar and hitting multi-year lows on the yen, Swiss franc, and the pound. The ongoing conflict in Ukraine drove up commodity prices and stoked fears of a stagflationary shock that would hit Europe the hardest.
The U.S. Dollar Index was up 0.27% to 98.933 by 4:04 AM GMT. It was near a 22-month peak of 98.925 hit on Friday.
The USD/JPY pair inched up 0.10% to 114.90.
The AUD/USD pair added 0.62% to 0.7416 and the NZD/USD pair rose 0.48% to 0.6893.
The USD/CNY pair edged up 0.07% to 6.3224. Trade data released earlier in the day showed that exports grew 16.3% year-on-year in February 2022, while imports grew 15.5% year-on-year, and the trade balance was $115.95 billion.
The GBP/USD pair edged down 0.12% to 1.3209.
The euro was down as much as 0.6% to $1.0864 earlier in the session, the lowest since May 2020, and was on the way to its 2020 low around $1.0636. It also fell below one Swiss franc, hitting 0.9982 for the first time since the franc quit its euro peg in 2015.
Oil futures, which surged more than 20% last week, climbed 10% as the U.S. and Europe look to ban Russian imports.
This is very bad news for global growth, particularly Europe, given their dependence on gas from Russia, ANZ analysts said in a note.
All up, it’s another big, ugly supply shock on top of lingering COVID-19 impacts, with serious inflationary consequences that give central banks absolutely no room to ‘give growth a chance’, they wrote.
The euro fell to a 15-month low of 124.78 yen and hit its lowest since mid-2016 against the pound at 82.23 pence.
The articles are for information purposes only and Precise Investors shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.
Precise Investors does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.
Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.