© Reuters.
By Gina Lee
Investing.com – The dollar was up on Monday morning in Asia, with the euro falling to a fresh 22-month low against the dollar and hitting multi-year lows on the yen, Swiss franc, and the pound. The ongoing conflict in Ukraine drove up commodity prices and stoked fears of a stagflationary shock that would hit Europe the hardest.
The that tracks the greenback against a basket of other currencies was up 0.27% to 98.933 by 11:04 PM ET (4:04 AM GMT). It was near a 22-month peak of 98.925 hit on Friday.
The pair edged up 0.10% to 114.90.
The pair gained 0.62% to 0.7416 and the pair was up 0.48% to 0.6893.
The pair inched up 0.07% to 6.3224. released earlier in the day showed that grew 16.3% year-on-year in February 2022, while grew 15.5% year-on-year, and the was $115.95 billion.
The pair edged down 0.12% to 1.3209.
The euro was down as much as 0.6% to $1.0864 earlier in the session, the lowest since May 2020, and was on the way to its 2020 low around $1.0636. It also fell below one , hitting 0.9982 for the first time since the franc quit its euro peg in 2015.
Oil futures, which surged more than 20% last week, climbed 10% as the U.S. and Europe look to ban Russian imports.
“This is very bad news for global growth, particularly Europe, given their dependence on gas from Russia,” ANZ analysts said in a note.
“All up, it’s another big, ugly supply shock on top of lingering COVID-19 impacts, with serious inflationary consequences that give central banks absolutely no room to ‘give growth a chance’.”
The conflict in Ukraine intensified over the weekend, with attempts at a ceasefire to allow civilians to evacuate from the city of Mariupol having seemingly failed so far.
The euro fell to a 15-month low of 124.78 yen and hit its lowest since mid-2016 against the pound at 82.23 pence.
In Asia Pacific, the was up 0.3% to a four-month high. Spot prices for Australian coal climbed more than 70% in about a week as buyers seek alternatives to Russian energy, and wheat is also up about 50% since early February. The Australian dollar is also up more than 10% against the euro in around a month. The is up to a seven-week high, although it could give up those gains if the geopolitical situation deteriorates and the war in Ukraine drags on.
Meanwhile, the European Central Bank will , with the central bank expected to wait until the last months of 2022 to hike its interest rates, according to a Reuters poll. The U.S. will also release its later in the week.
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