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Despite uncertainty in Ukraine, the dollar rises to a five-year high against the yen

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Despite uncertainty in Ukraine, the dollar rises to a five-year high against the yen

News Tech: The dollar rose on Friday, hitting a five-year high against the yen, as commodity-linked currencies fell after Russian President Vladimir Putin said talks between Moscow and Ukraine had reached an end. be advanced. Putin said during a meeting with his Belarusian counterpart Alexander Lukashenko that there had been “some positive changes” in the negotiations with Ukraine and that the talks were taking place almost daily. Russia’s February 24 invasion of Ukraine, which Moscow called a “special operation”, has rattled markets, stoked commodity prices, and threatened prospects for global economic growth.

The dollar initially fell on the news but then gradually strengthened and eventually gained 0.76% against a basket of six global currencies at 99.11. The index is on track to gain 0.56% for the week, following the previous week’s 2% gain, its biggest weekly percentage gain since April 2020. The greenback hit a five-year high against the Japanese yen, losing 1.03% to 117.32 yen.

While the US Central Bank is certain to raise interest rates from the lows of the COVID-19 pandemic, the Bank of Japan, which is also holding a policy meeting next week, is likely to remain an exception party. The euro fell 0.69% against the dollar to $1.0912, erasing gains from the overnight session and putting it on track to end the week slightly lower than it would have been. It’s the sixth consecutive week. The coin fell more than 2.5% against the US dollar in March.