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10 Mar 2022

Dollar Soars, Euro Stabilizes prior to ECB Policy Meeting

The Index Today

The U.S dollar rose on Thursday ahead of the European Central Bank’s (ECB) policy meeting as the euro sobered after the previous session’s marked gains.

The Dollar Index rose 0.1% to 98.015 at 2:55am ET (0755 GMT). The EUR/USD pair dipped by 0.1% to 1.1065 while still retaining the major gains from Wednesday — its major single-day surge since June, 2016, spurred by negotiation talks between the warring Eastern European nations of Ukraine and Russia.

According to Reuters, Ukraine’s Dmytro Kuleba and the Russia foreign minister Sergei Lavrov are expected to meet later today to discuss negotiation and peace talks even as Ukraine’s foreign minister expressed less optimism.

The euro’s revival was also spurred by the sharp selloff in crude prices late on Wednesday as the WTI and Brent contracts slumped by more than 12%, following expectations of mitigating supply disruptions caused by the ban on Russian oil. The U.S. is also gearing up to release its CPI data for the month of February where the inflation rate is expected to be poised at 7.9%, higher than January’s 7.5% rate.

©Photo: Wall Street Journal

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