WASHINGTON (dpa-AFX) - The U.S. Dollar gained against its major counterparts on Monday, extending recent climb on safe-haven appeal. As the euro drifted down amid concerns rising energy prices could result in stagflation and hurt euro area economic recovery.
The greenback pared some gains subsequently after oil prices retreated from nearly 14-year highs.
Crude oil prices climbed to their highest levels since 2008 on concerns about global supply amid fears the U.S. and its Western allies might impose a ban on Russian oil, condemning the country's invasion of Ukraine.
In a letter to lawmakers on Sunday, House Speaker Nancy Pelosi stated that the chamber is exploring a bill that would ban the import of oil and energy products from Russia amid intensified fighting in Ukraine.
Secretary of State Antony Blinken said on Sunday that the U.S. is discussing with its allies in Europe to consider the prospect of banning the import of Russian oil in a coordinated manner.
The dollar index, which advanced to 99.42 in the Asian session, dropped to 98.73 in the European session before recovering to 99.20, up 0.56% from the previous close.
Against the Euro, the dollar firmed to $1.0859 from $1.0935.
The dollar is trading at $1.3104 against Pound Sterling, gaining from $1.3235.
The dollar is fetching 115.29 yen a unit, about 0.4% more than the previous close of 114.83 yen.
Against the Aussie, the dollar is at 0.7315, firming from 0.7370.
The Swiss franc is at CHF0.9256 a dollar, easing from CHF0.9168.
The Loonie is trading at C$1.2813 a U.S. dollar, dropping from C$1.2722 on Friday.
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