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8 Mar 2022

Euro Plunges Close to 22-Month Lows amid Ukraine-Russia Tensions

The Index Today

The euro fell near 22-month lows as mounting geopolitical tensions between Ukraine and Russia continue to rock the markets.

The euro neared $1.08060 on Monday which is its lowest since March 2020 when the COVID-19 pandemic first hit. MUFG’s currency analysts said in a note, "The weakening growth outlook for the euro-zone economy is already reflected by the weaker euro."

The chances of stagflation are likely to prevent the European Central Bank (ECB), which is due to meet on Thursday, from raising interest rates. The dollar index remained unchanged at 99.146 while the euro rose 0.2% to $1.08795 as of 5:45 am ET.

Meanwhile, the yen dropped marginally to 115.57 per dollar, while the sterling inched up by 0.2% to $1.31270, following its 16-month slump of $1.30830 during the initial session.

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