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The euro falls as safe-haven demand pushes up the dollar

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News Tech: The dollar rose on Thursday as a lack of progress in peace talks between Russia and Ukraine boosted demand for the safe-haven currency and the war-induced energy shock weighed on European economies. Five weeks after Russian aggression weakened, peace talks are expected to lead to a ceasefire in Ukraine earlier this week as Ukrainian forces prepare for a renewed Russian offensive in the country’s southeast.

Negotiations were due to resume on Friday. “This has caused risk aversion, driving down equity markets and hurting risk-sensitive commodity currencies,” said Marshall Gitler, head of investment research at BDSwiss Holding. Since Russia’s invasion of Ukraine on February 24, the dollar has regained its safe-haven streak and is on track to gain around 1.6% in March.

Separately, Russian President Vladimir Putin will demand that foreign buyers pay for Russian gas in rubles from Friday as he seeks to resist blanket Western sanctions over his invasion of Ukraine. He said he signed the decree. The move boosted the Russian currency, which fell to historic lows after the invasion of Ukraine, but has since recovered.

See also  Providing Russia with biscuits and soap constitutes "compensation" for producers of basic commodities

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