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.
