Home NewsForex Market News (New York) The US dollar rose 1.5% for the week as the war between Russia and Ukraine escalated, the euro fell the most in two years in a single day | Anue Juheng

(New York) The US dollar rose 1.5% for the week as the war between Russia and Ukraine escalated, the euro fell the most in two years in a single day | Anue Juheng

by WOOWinvest
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The US dollar rose against a basket of major currencies on Friday (4th), rising 1.5% this week, while the euro fell below US$1.10, the largest single-day depreciation in 2 years, indicating that investors are increasingly worried about the escalation of the Russian-Ukrainian conflict. impact, especially on European growth prospects.

In late New York trade, the ICE U.S. Dollar Index (DXY), which tracks the greenback against a basket of major currencies, rose 0.8 percent to 98.51, marking a new two-year high and a weekly gain of 1.5 percent.

The United States released the latest non-farm payroll report on Friday. Non-farm payrolls in February were unexpectedly bright, with an increase of 678,000 jobs, which was far better than market expectations, stimulating the dollar to rise.

However, the intensifying conflict weighed on the euro exchange rate as the fighting entered its second week, with Russian troops firing artillery early Friday to seize Europe’s largest Ukrainian nuclear power plant in Zaporozhye.

The euro fell below US$1.10 against the US dollar. The single-day decline was the largest since March 2020. It fell 1.15% to US$1.0939 before the deadline, and continued to explore a new low since May 2020. This week, it fell by more than 2%.

EUR/CHF also hit a seven-year low, down 1.25% to CHF 1.0020.

Under the strength of the dollar, the pound fell below $1.32 against the dollar at one point, and fell nearly 0.9% to $1.3233 by the time of writing.

Amo Sahota, director of Klarity FX, said the big losses were indeed concentrated in the euro in particular, and economists may be downgrading their growth forecasts for the euro zone, which has been the currency of choice in a crisis.

Commodity currencies extended their recent gains. The Australian dollar rose 0.57% to $0.7371 against the US dollar, the New Zealand dollar rose 0.88% to $0.6869 against the US dollar, and the Canadian dollar continued to fall. The US dollar rose 0.4% against the Canadian dollar to 1.2731 Canadian dollars.

“Commodity currencies generally outperformed, but what’s interesting is that the Canadian dollar has been weaker than other commodity currencies,” Sahota said.

Among safe-haven currencies, the dollar fell 0.55% against the yen to 114.82 yen, while the dollar was almost flat against the Swiss franc, down 0.01% to 0.9170 Swiss franc.

Cryptocurrencies were broadly down, with bitcoin down 7.3% in the 24 hours to $39,319.88 and ether down 7.8% to $2,607.77.

As of Saturday (5th) Taiwan time about 6:00 Price:

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