MARKET UPDATE
Euro slides as war in Ukraine stokes inflationary shock
The euro tumbled to a fresh 22-month low on the dollar while commodity currencies were swept to multi-month peaks as war in Ukraine sent oil prices spiking and stoked fears of a stagflationary shock that could hammer Europe.
The euro fell as much as 1% to $1.0822 in Asia trade, its lowest since May 2020, before steadying around $1.0882 early in European trade. It is down almost 4% since Russia began what it calls a “special military operation” in Ukraine and is not far from testing its 2020 trough of $1.0636.
India rupee falls to lifetime low as oil prices surge; yields rise
The Indian rupee fell to a historic low on Monday, while bond yields surged as a sharp rise in global prices of crude oil stirred concern about domestic inflation, strengthening prospects for interest rate hikes by the central bank.
India imports more than two-thirds of its oil needs and high prices are likely to widen its trade and current account deficits and boost imported inflation.
Japan in talks with U.S., Europe over banning Russian oil imports
Japan, which counts Russia as its fifth-biggest supplier of crude oil, is in discussion with the United States and European countries about possibly banning Russian oil imports, Kyodo News reported on Monday.
The report comes after U.S. Secretary of State Antony Blinken said on Sunday the United States and European allies were exploring the possibility.
Euro slides as war in Ukraine stokes inflationary shock
The euro tumbled to a fresh 22-month low on the dollar while commodity currencies were swept to multi-month peaks as war in Ukraine sent oil prices spiking and stoked fears of a stagflationary shock that could hammer Europe.
The euro fell as much as 1% to $1.0822 in Asia trade, its lowest since May 2020, before steadying around $1.0882 early in European trade. It is down almost 4% since Russia began what it calls a “special military operation” in Ukraine and is not far from testing its 2020 trough of $1.0636.
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