Nearly 10 weeks into the war, the Russian ruble has witnessed significant gains against the US dollar, despite the mounting sanctions and the bullish pace of the greenback.
At the time of writing, the ruble was up 20.32% against the US dollars, trading $67.09 down from the $84 region seen a month ago.
Fears of a eurozone recession and the Euro’s bearish momentum have rekindled the chance that the currency may reach parity with the dollar.
The EUR/USD was trading at 1.0515 at the time of writing, its lowest level in five years. The EUR/USD had lost about 4.81% in a month of trade and was down 7.54% YTD.
The dollar index, however, has maintained a bullish pace within the past month gaining 4.67% to trade at $103.56 at the time of writing. Furthermore, the FED anticipated rare hike is expected to push the greenback high.
Inflation in the US is 8.5% for the 12 months ending March 2022. This is the highest since December 1981 and has reinforced the argument that a sharp rate hike is needed to keep inflation in check.
For further inquiries about this article, contact: Email: Ifeanyi.ubah@nairametrics.com Twitter: @ubahjc Linkedln: Jeremiah Ubah
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