Currency Buzz: EUR/USD Regains Upside Momentum

9 Mar 2022 , 03:18 PM

The euro is seen gaining support even as market participants continue to closely follow the geopolitical conflicts and the upcoming meeting between Russian and Ukraine officials. Euro had come under heavy pressure amid the Russia-Ukraine conflict that bolstered demand for safe haven dollar. EUR/USD pair had plunged to as much as 1.0807 but has managed to regain 1.09 levels with the pair currently quoting at 1.0968. The single common currency saw some support ahead of this weeks emergency EU summit as well as the latest European Central Bank policy-setting meeting. Meanwhile, the US Dollar Index, which tracks the greenback against a basket of six other currencies, was trading at 98.61, just below the recently hit 22-month peak at 99.090.

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