Yesterday, the euro fell below $1.10 for the first time in nearly two years and hit a seven-year low once morest the Swiss franc, as expectations of European economic growth weakened due to the war in Ukraine.
According to “Archyde.com”, the euro fell 0.8 percent to $1.0967, its lowest level since May 2020, following Russian forces took control of Europe’s largest nuclear power plant, following a building in the complex set ablaze.
Against the Swiss franc, which is also a safe haven currency, the euro fell 0.8 percent to 1.0066, its lowest level since January 2015. The euro fell once morest sterling 0.4 percent to 82.56 pence, its lowest level since July 2016.
Analysts expected that the war and the repercussions of rising energy and gas prices will affect consumption and economic growth expectations in Europe.
The dollar index rose 0.6 percent to 98.335, following touching the highest level since May 2020 once morest a basket of currencies.
As for the rest of the currencies, the Australian dollar continued its rise, supported by the recovery of primary commodities, and reached its highest level in four months once morest the US dollar, and it was trading at 0.7375 dollars.
The Japanese yen briefly jumped once morest the dollar following news of a building fire at the nuclear plant site, but later gave up some of its gains and was little changed and traded for $115.38.
In addition, the price of palladium continued to rise yesterday, approaching the highest level in 10 months, approaching $ 3000 an ounce (an ounce), with growing fears of lack of supplies from Russia, the main source of the metal, while the war in Ukraine supported the demand for gold as a safe haven.
And palladium increased in spot transactions 6.1 percent to $2943.56 an ounce during trading yesterday, following reaching $2,970.50 an ounce, a peak not recorded since May 2021.
Russia produces 40 percent of global production of the metal used in the auto industry, which increased by 24 percent this week, its best level since the end of March 2020.
And gold in spot transactions jumped 1 percent to $ 1954.53 an ounce, bringing its gains this week to regarding 3.5 percent.
And US gold futures rose 1.1 percent to 1956.70 dollars an ounce.
Silver recorded a 1.2 percent rise in spot transactions to $25.45 an ounce, the fifth consecutive weekly increase.
And platinum rose 2.5 percent to 1108.19 dollars an ounce.
