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15 Feb 2022

Dollar Plummets amid Ukraine-Russia Tensions and Looming Fed Rate Hikes

The Index Today

The dollar dipped on Tuesday morning in Asia spurred by the Federal Reserve’s aggressive monetary tightening policy stance, as rising geopolitical tensions in Eastern Europe plunged the euro further.

The U.S. dollar index was down by 0.15% to 96.210 by 12:29am ET (5:29am GMT). The USD/JPY pair and the AUD/USD pair dipped to 115.31 (0.19%) and 0.7115 (0.15%) respectively. On the other hand, the NZD/USD and GBP/USD pairs climbed by 0.02% and 0.06% to 0.6616 and 1.3535 respectively.

The euro hit a near two-week low at $1.1308 during early Asian trading.

Kim Mundy of Commonwealth Bank of Australia, in a statement to Reuters contended that the aggressive stance of the Fed coupled with rising tensions in Ukraine and Russia will however spell a bullish outlook for the dollar in the near future.

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