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  • Writer's pictureanalysiswatch

Title: Dollar, Euro Down as Worries about Ukraine’s Conflict Economic Impact Grow

Mar 07, 2022 10:39PM ET

By: AnalysisWatch

The dollar weakened in Asia on Tuesday morning, while the euro remained near a 22-month low. Russia's incursion into Ukraine continues to cloud the economic outlook in Europe, but the week-long rally in commodity currencies showed signs of pausing.

US dollar index futures, which track the greenback against a basket of other currencies, fell 0.16% to 99.135 by 10:30 PM ET.

The USD/JPY pair rose 0.13% to 115.44, with Japanese data the previous day showing the largest current account deficit since early 2014, with a current account balance of JPY 1.189 trillion and an adjusted current account balance of JPY 0.19 trillion in January 2022.

The AUD/USD pair rose 0.10% to 0.7324 after the National Australia Bank's February business confidence index came in at 13. The NZD/USD pair remained stable at 0.6831.

The USD/CNY pair fell 0.13% to 6.3126, while the GBP/USD pair rose 0.18% to 1.3125.

The euro remained near its Monday low of $1.0806, although it tried to recover after six consecutive days of selling. The single currency has lost 4% against the dollar since Russia invaded Ukraine on February 24, with no end to the conflict in sight. On Monday, the euro approached parity with the Swiss franc for the first time in seven years.

Two rounds of peace talks between Russia and Ukraine have made little progress. Some investors warned that Germany's opposition to a ban on Russian energy imports had pushed oil futures back from Monday's 14-year high, but the supply shock would hurt European growth.

In Asia-Pacific, the Australian and New Zealand dollars rose in early trade but were below their four-month highs on Monday.

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