Ukraine Conflict in Focus, Dollar Gives Up Gaines – 24 February, 2022

The dollar gave up some gains against most currencies as markets react to Russia’s invasion of Ukraine which sent investors scrambling. The euro was last at $1.1218, up 0.24%, having touched as low as $1.1106 on Thursday, its lowest since May 2020. The dollar index was 0.2% lower at 96.854, however it is still up 0.8% for the week. Sterling firmed 0.4% to $1.343, while the Australian dollar was 0.46% higher at $0.7195 and the yen which was up 115.23 per dollar. A Russia invades Ukraine, The United States, the European Union and some other countries responded with a wave of sanctions impeding Russia’s ability to do business in major currencies along with sanctions against banks and state-owned enterprises.