Sharjah24 – Reuters: The U.S. dollar rose on Monday, lifted by safe-haven flows, as investors weighed the effects on global economic growth of oil prices that hit 14-year highs after the United States and European allies considered banning Russian crude imports.
The dollar index =USD, which measures the value of the greenback against six global peers, was last up 0.33% at 99.24.
The euro was down 0.7% against the dollar at $1.08575 on concerns that higher energy prices will spark stagflation and hammer the European economy as it tries to recover from the pandemic.
"The Russia-Ukraine conflict is continuing to lead to further surges across several commodities, which is threatening growth prospects for the year," said Edward Moya, a senior analyst at Oanda.
Brent crude LCOc1 was up 4.1% at $122.97 a barrel, having earlier reached as high as $139.13 - last hit in July 2008 - as the American and European ban on Russian oil imports was being considered, while it also looked less likely that Iranian crude would return swiftly to global markets. OIL/nL2N2VA07R
After Russia invaded Ukraine, euro/dollar volatility gauges EUR3MO= climbed to their highest levels since March 2020.
After flirting with parity to the Swiss franc earlier on Monday, the euro traded up 0.32% at 1.00495 francs EURCHF=.
Against the dollar, a volatile British pound was last down 0.91% at $1.3108.
The Aussie, which tends to trade with commodity prices, was down 0.56% against the dollar, more than reversing all of an earlier 1% rise.
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