The US dollar gained support to rise in the European session but with relatively limited movement, while commodity currency trading continued to maintain its strengthening momentum at monthly highs.
At the time of writing, the dollar index that measures the strength of the greenback dollar is trading slightly higher at around 98.56 against most other major currencies.
The Aussie dollar continued to strengthen at a four -and -a -half -month high following a 1% jump in the previous session. While the New Zealand dollar strengthened to a four -month high against the USD.
Commodity currencies continued to rise in tandem with gains in the stock market, supported by improved market sentiment as investors brushed aside the uncertainties plaguing the Ukraine-Russia crisis.
Examining the development of European currencies, the pound slipped slightly from a two -week high after seeing a continued rise in the UK inflation rate in February by rising to its latest 30 -year high.
Investors are now awaiting the speech of the Governor of the Bank of England (BOE) Andrew Bailey and the presentation of the annual budget by Finance Minister Rishi Sunak today.
Meanwhile, the euro also weakened slightly following the rise of the greenback dollar, showing it trying to maintain its position at the 1.1000 price level against the USD.
On the safe-haven side, the yen continued to trade weak at a six-year low against the USD as it was impacted by higher US bond yields.
