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  • Writer's pictureanalysiswatch

Title: Dollar Up, Euro Falls Against Safe-Havens as Russia acts to “Protect” Ukraine

Feb 23, 2022 10:56PM ET

By: AnalysisWatch

The dollar went up in Asia on Thursday morning, while the euro weakened and demand for safe-haven currencies rose as concerns grew about an imminent Russian invasion of Ukraine.

The US Dollar Index, which tracks the greenback against a basket of other currencies, rose 0.41% to 96.580 at 11:48 PM ET, having risen as much as 0.19% to 96.372 on February 14, 2022.

The USD/JPY pair fell 0.16% to 114.78.

The AUD/USD pair fell 0.65% to 0.7186, and the NZD/USD pair fell 0.72% to 0.6723.

The USD/CNY pair rose 0.05% to 6.3172, while the GBP/USD pair slipped 0.18% to 1.3518.

According to a TASS report, President Vladimir Putin announced a special operation to protect Ukraine's Donbas region. The report added that while Putin said Russia had no plans to occupy Ukraine, he called on Ukrainian forces to lay down their weapons and go home and that Russia would not allow Ukraine to obtain nuclear weapons.

A state of emergency has been declared in Ukraine and Russia has begun evacuating its embassy in the Ukrainian capital, Kyiv. The West responded by imposing sanctions on Russia, with the US joining Germany in sanctioning the Nord Stream 2 gas pipeline between Germany and Russia.

The dollar, Japanese yen, and Swiss franc climbed to multi-week highs against the euro.

The dollar remained near a one-week high after US Secretary of State Antony Blinken said he believed Russia would invade Ukraine within hours.

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