U.S. Dollar Declines After Investors Sell Safe Haven Currencies

The dollar fell sharply against other currencies on Wednesday (March 9) as investors sold the safe dollar and bought riskier currencies such as the euro and the pound after worries about the Ukraine war eased.

  • The dollar index against the six major currencies in a basket of currencies was down 1.11% at 97.9670.
  • The US dollar was lower against the Swiss franc to 0.9262 francs from 0.9291 francs.
  • The dollar was lower against the Canadian dollar at 1.2825 Canadian dollars from 1.2888 Canadian dollars.
  • The dollar strengthened against the yen at 115.83 yen from 115.73 yen.
  • The euro was higher against the dollar at $1.1082 from $1.0909.
  • The pound rose to $1.3182 from $1,3105.
  • The Australian dollar rose to $0.7320 from $0.7276.

Hoping for an early end to the war in Ukraine, investors are selling the dollar as a safe haven. The news that Ukraine has abandoned its intention to become a member of the North Atlantic Treaty Organization (NATO) showed Russia that its talks with Ukraine are making progress.

Maria Zakharova, the Russian Foreign Ministry spokeswoman, said that peace talks between Russia and Ukraine to resolve the conflict are progressing and confirmed that Russia has no intention to overthrow the Ukrainian government and that there is no aim to attack civilians.

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