The community currency fell nearly 0.33% to $1.1083, close to Wednesday’s low of $1.1058, a floor not seen since May 2020. The euro lost 1.5% on the week and fell heading for a fourth consecutive weekly decline against the dollar.
“It’s still going down,” said Kit Juckes, head of global currency strategy at Societe Generale in London, referring to the euro. “Look at gas prices. This is the sweet spot in terms of the economic impact of the war, and it’s going to hurt.”
Euro zone inflation hit a record high of 5.8% last month, data showed on Wednesday. The problem for the European Central Bank, which is due to meet next week, is that while the war in Ukraine is likely to exacerbate inflation, it is also bad for both growth and prices in the long run.
The Australian dollar rose to its highest level since mid-November at $0.7323 and was later trading 0.2% higher as prices for Australian exports such as coal, gasoline and grain soared on signs that sanctions against Russia are severely disrupting global supplies.
The US dollar appeared to be well-supported after Federal Reserve Chairman Jerome Powell said on Wednesday that the central bank would begin “carefully” raising interest rates this month but was determined to act more aggressively. if necessary. The dollar index gained 0.1% and the currency added about 0.25% against its Japanese peer at 115.79 yen. , while the British pound was down 0.13% at $1.3387.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
