Demand for safe-haven assets continued to rise while most major currencies plunged lower in the European session after Russia launched a military offensive against Ukraine.
The dollar index, which measures the strength of the greenback dollar, traded 0.5% higher than its main competitor, taking it firmly to a nearly one -month high of 96.70.
Investors will be shown with the release of fourth -quarter Gross Domestic Product (GDP) data and U.S. unemployment claims in the New York session.
Even so, the focus of investors will continue to be focused on developments on the increasingly tense conflict between Russia and Ukraine at this point.
Following reports of missile attacks on Ukrainian infrastructure and border guards, President Volodymyr Zelenskyy announced martial law across the country.
Recent developments indicate that Russian troops are moving towards the Ukrainian border from Belarus. In addition to that, the Kremlin reportedly launched cyber attacks and Kiev is said to have shot down several Russian planes and a helicopter.
The increasingly complicated situation continues to support the safe-haven yen to a three-week high, and the swiss franc is almost a month against the greenback dollar.
The euro and pound hit a three -week low against the USD, after European Union (EU) and UK leaders warned of imposing heavier sanctions following the Russian attack.
The Aussie dollar and the kiwi, which are risk -sensitive currencies, were also affected by the Moscow attack, which also impacted commodity trading to soar.
Moreover, the Canadian dollar slipped to a one -month low as world crude oil trade continued to peak to recent highs, after Brent crude oil trading broke the $ 100 a barrel price level for the first time since September 2014.
