Possible Additional Sanctions Drags Euro Down – 4 April, 2022

The euro hovered near a one week low against the dollar amid talks on more sanctions against Russia as they continue to kill Ukrainian civilians. The U.S. and many European countries pledged to punish Moscow over the killing of civilians in northern Ukraine where mass graves were discovered. The West pledged further sanctions and possibly including some restrictions on the billions of dollars in energy that Europe still imports from Russia. Europe’s single currency was little changed at $1.0975, having dropped as low as $1.0960 the previous session, the first time since March 28. Just days earlier, it had reached a one month high of $1.1185 on optimism for an end to the conflict. The dollar index was boosted to a one week high of 99.083 and last stood at 98.949. The dollar was 0.20% weaker against the yen to 122.515 yen, retreating from a multi year high of 125.105 reached on March 28. The Aussie was flat at $0.7541, close to Monday’s high of $0.75565, a level not reached since July 6.