The euro fell as much as 1% to $1.1104, its lowest level since June 2020, but then closed at $1.1119.
“Developments surrounding the war in Ukraine will continue to be the main driver of euro price action for the session,” said Shaun Osborne of Scotia Bank. “A continued escalation of the conflict, with no clear escape route for Russia, is pushing the euro to a test of 1.10 in the coming days,” he noted.
It is worth noting that crude oil strengthened above $100 and posted new highs since 2014. Wheat also closed at 14-year highs. And contracts for aluminium, Dutch benchmark gas and European coal rose as Western sanctions on Russia hit Russian commodity exports.
In this context, Russian ruble extended recent declines and hit record lows in Moscow tradingsince the harsh Western sanctions for the invasion of Ukraine hit the financial system of the country chaired by Vladimir Putin.
A modest rebound in investors’ appetite for riskier currencies is keeping the Swiss franc and the yen, considered safe-haven assets, under pressure.
Source: Ambito
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