- US dollar extends gains across the board amid risk aversion.
- The Russian invasion of Ukraine shocked the financial markets.
- EUR/USD is trading at its lowest level since May 2020.
The EUR/USD fell below 1.1120 reaching the lowest level since May 2020. The pair remains under pressure after the Russian army invaded Ukraine. Panic mode in the financial markets is boosting the US dollar.
So far on Thursday, the EUR/USD has lost more than 175 pips, the worst daily drop in months. DXY is up 1.41% above 97.50, its strongest level since July 2020.
Stocks on Wall Street are falling sharply but from lows. The Dow Jones fell 2.05% and the Nasdaq 1.05%.
Over the past few hours, the US dollar also gained momentum supported by a rebound in US yield highs. The 10-year US bond posted a new high of 1.93% and the 30-year Treasury yield rose to 2.24%.
Source: Fx Street
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