TOKYO, Jan 26 — The euro hovered near 1-month lows versus the dollar and yen today, hurt by concerns about the potential for military conflict in Ukraine and ahead of the Federal Reserve wrapping a meeting that could herald accelerated monetary tightening.
Western leaders stepped up preparations for any Russian military action in Ukraine while Moscow said it was watching with great concern after 8,500 US troops were put on alert to deploy to Europe in the event of an escalation. The dollar index, which measures the currency against six major peers, edged 0.06 per cent higher to 96.030, after climbing to 96.273 yesterday, its strongest level since January 7. It has rallied as much as 1.74 per cent from a two-month low touched on January 14.
Elsewhere, sterling was little changed at US$1.3503 after dipping to US$1.3436 overnight, its lowest in more than three weeks. “There is a huge amount of uncertainty around the January Bank of Canada rate announcement, as policymakers attempt to balance very strong realized data on employment and inflation from Q4 versus the sharp increase in Covid infections and subsequent lockdowns in late December and January,” TD Securities analysts wrote.The risk-sensitive Australian dollar was little changed at US$0.71555, consolidating after sliding to a one-month low of US$0.70905 on Monday.
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