Title: Dollar Down, Euro Falls to Lowest Since June 2020 on Russia’s Invasion of Ukraine
Mar 01, 2022 10:16PM ET
The dollar was down in Asia on Wednesday morning, but the movements were small.
Investors fled to safe-haven assets amid the intensification of the Russian invasion of Ukraine.
The US dollar index, which tracks the greenback against a basket of other currencies, was down 0.01% at 97.382 at 9:58 PM ET.
The USD/JPY pair rose 0.09% to 115.00.
The AUD/USD pair increased 0.45% to 0.7280, while the NZD/USD pair increased 0.37% to 0.6781.
The USD/CNY pair stabilized at 6.3125, while the GBP/USD pair rose 0.05% to 1.3327.
The euro lost 0.8% at press time, falling to its lowest level since June 2020. The Russian rouble weakened amid the intensification of the invasion of Ukraine.
Morgan Stanley analysts said in a note that they had closed their trading recommendations on long euros against the US dollar, yen, pound, and Brazilian real and were "neutral on the euro" overall.
Investors looked at the latest developments in Ukraine. Russian commanders issued a warning to Kyiv residents to evacuate, and Russian commanders increased their bombardment of Ukrainian cities.
Russia's invasion of Ukraine is the largest attack on a European state since World War II.
The West imposed sanctions and excluded some Russian banks from the global SWIFT network. The US is expected to ban Russian planes from American airspace after Europe and Canada took similar measures.
Brent oil futures hit their highest close since August 2014 on worries about energy shortages, while the coordinated release of crude stocks by the US and its allies to minimize supply disruptions failed to ease concerns as Russia is one of the world's biggest oil exporters.
Among cryptocurrencies, Bitcoin gained about 2.3%.