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  • Writer's pictureanalysiswatch

Title: Dollar, Euro Up Over Ukraine-Russia Talks, but Conflict is Not Over Yet

Mar 09, 2022 10:28PM ET

By: AnalysisWatch

The dollar rose in Asia on Thursday morning, while the euro maintained most of its gains from the preceding day. The latter posted its sharpest daily increase in almost six years after a policy clash between Ukraine and Russia's foreign ministers, and investor sentiment also lifted as oil prices softened.

The US dollar index, which tracks the greenback against a basket of other currencies, rose 0.23% to 98.175 at 10:20 PM ET.

The USD/JPY pair rose 0.29% to 116.16.

The AUD/USD pair fell 0.08% to 0.7317, while the NZD/USD pair fell 0.18% to 0.6825.

The USD/CNY pair rose 0.04% to 6.3202, while the GBP/USD pair fell 0.17% to 1.3156.

The European Central Bank will announce its monetary policy decision later in the day, with investors watching to see how Russia's incursion into Ukraine will affect monetary policy.

The euro was at $1.1047 after climbing 1.6% on Wednesday, its best day since June 2016. European stocks also rose on Wednesday, while bonds saw a sell-off. Earlier in the week, the euro fell to $1.0804, a 22-month low, as concerns grew about the impact of the invasion on the European economic recovery.

The note attributed the euro's gains to some optimism ahead of a meeting between Russian Foreign Minister Sergei Lavrov and his Ukrainian counterpart, Dmytro Kuleba.

The meeting was the first between the two since Russia invaded Ukraine on February 24.

On the data front, the US will release its consumer price index later today. This will be significant as the US Federal Reserve prepares to make its monetary policy decisions next week. The central bank is widely expected to raise interest rates by a quarter of a percentage point in its decision.

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