Euro declines to lowest of month as West is set to impose new Russia sanctions

Euro declines to lowest of month as West is set to impose new Russia sanctions

The euro sank to its lowest level in a month versus a stronger dollar on Wednesday, as the potential of further Western sanctions on Russia added to the European currency’s pressure.

The euro was down 0.15 percent against the dollar.

The US and EU are poised to announce more sanctions against Russia today, with any repercussions for energy exports willing to keep the currency under pressure.

On Tuesday, the index rose 0.5 percent after Fed Governor Lael Brainard, who is known for being a more dovish policymaker, predicted a combination of interest rate hikes.

Later in the day, the Fed will issue minutes from its March meeting, which are expected to reveal new details about its plans to reduce its bond holdings.

After hitting a three-week low against the greenback, sterling remained unchanged against the dollar at $1.30690. Bitcoin was down 0.4 percent at $45,305.

In Asia on Wednesday morning, the dollar was rising, slowly approaching its best level in over two years. The latest penalties are in response to the finding of deceased civilians in the Ukrainian village of Bucha, which occurred on February 24.

After the Reserve Bank of Australia suggested that higher interest rates were on the way, the Australian dollar stayed steady near Tuesday’s nine-month high. The bullish feeling is growing around Altcoin as Ethereum approaches the Merge.

High gas fees were once the most significant barrier to investors adopting the Ethereum network; however, Ethereum has steadily reduced its gas fees, which have plummeted by 90%.

The current average gas fee on the Ethereum network is $5.81, which is 90% less than the November average.

The Treasury of the United Kingdom has asked the Royal Mint to create one nonfungible token (NFT) that will be issued by the end of the year.

The NFT was one of a slew of announcements by the UK’s Economic and Finance Ministry aimed at establishing the country as a global cryptocurrency centre. 

More at: FXreviewtrading.com

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