30.1 C
Delhi
Wednesday, September 28, 2022

‘Extremely Dangerous’ Hurricane Ian Grows Stronger as it Nears Florida 

https://ift.tt/1qZHjep Miami-based National Hurricane Center says the...

Biden Keeps US Target for Refugee Admissions at 125,000

https://ift.tt/cU8wSra Joe Biden on Wednesday formally kept...

Dollar rallies amid global uncertainty

The US currency has jumped to a two-decade high

The US dollar soared to 20-year highs early on Wednesday amid growing investor concerns after Russian President Vladimir Putin accused the West of “nuclear blackmail” and ordered a limited mobilization of reservist troops to protect the country’s territorial integrity.

The dollar was already elevated ahead of another likely aggressive rate-hike decision by the Federal Reserve expected later on Wednesday. The news pushed the greenback up 0.5% against a basket of major global currencies to its highest level since 2002. The US dollar, which is typically seen as a safe-haven asset by investors, tends to strengthen when geopolitical tension weighs on market sentiment for risk. Other safe haven assets, such as gold and bonds, were also on the rise.

Meanwhile, the euro dropped as low as $0.9885 in early trading. The British pound was also down to $1.1345, extending its declines after hitting a 37-year low against the dollar last week. Asian markets were back in the red, reversing Tuesday’s bounce.

Oil prices jumped sharply on renewed supply concerns, with benchmark Brent rising more than 2.5% to above $93 a barrel and the US West Texas Intermediate (WTI) futures up to $86.29.

For more stories on economy & finance visit RT’s business section

https://ift.tt/B7FiwDJ 21, 2022 at 08:43PM
from RT – Daily news

Support Us

Secured by Paypal

Related Stories

Check out other tags:

Most Popular Articles