As investors continue to await developments on the Ukraine-Russia conflict, the king of the U.S. dollar currency remains traded higher against its major rivals while global stock markets are in the red ocean.
Recent concerns about the potential of the United States to drop sanctions on Russian oil imports have triggered a sharp spike in prices of crude oil and other commodities in early trading today.
The euro, was among the worst -hit currencies due to concerns that the sanctions would hurt growth and increase inflationary pressures in Europe, seeing it plunge to a nearly two -year low.
Investors' focus is now on the European Central Bank's (ECB) policy meeting this week which is expected to see the central bank postpone any potential tightening.
In contrast to commodity-linked currencies, which saw the Aussie and New Zealand dollars trade higher as no direct impact would be on the two countries from the Ukraine-Russia conflict.
In addition, the Canadian dollar also found support to record a modest increase following the spike in world crude oil prices to the highest level since 2008.
Meanwhile, the US dollar remained strong at its highs since May 2020 with support as a safe-haven and the US NFP jobs report showing a stronger-than-expected reading in February.
The pound, meanwhile, continued to trade gloomily at a nearly three -month low, with price movements struggling to withstand falling lower against the greenback dollar.
