The U.S. dollar weakened against major currencies on Friday (Feb. 25) as investors sold the dollar as a safe haven. In the conflict between Russia and Ukraine, Russia has surprisingly signaled that it is ready to negotiate with Ukraine.
- The U.S. dollar index against the six other currencies in a basket of currencies was down 0.54% to 96.6160.
- The dollar weakened against the yen to 115.59 yen from 115.63 yen.
- The U.S. dollar was also lower against the Canadian dollar to $1.2713 Canadian Dollar from 1.2814 Canadian Dollar.
- The U.S. dollar strengthened against the Swiss franc at 0.9263 francs from 0.9257 francs.
- The euro was higher against the dollar at $1.1266 from $1.1189.
- The pound rose to $1.33410 from $1.3387.
- The Australian dollar strengthened to $0.7232 from $0.7158.
The yield on 10-year U.S. Treasury bonds rose to 1.991%, while the yield on 30-year Treasury bonds rose to 2.294%.
Investors will continue to keep an eye on the Russia and Ukraine crisis whether or not the announced talks between Russia and Ukraine will eventually take place.
Ukraine aside, markets will be waiting for Federal Reserve Chairman Jerome Powell to deliver his semi-annual statement on monetary policy and the state of the U.S. economy to Congress on March 2-3. This could be the last public statement on monetary policy before the Fed likely begins raising rates at its March 15-16 meeting.
Powell will speak before the House Financial Services Committee on March 2 and the Senate Banking Committee on March 3.