The dollar is stronger against a basket of currencies, benefitting from its status as a safe-haven currency.
The markets have flocked to safe haven currencies due to an escalation of tensions between Russia and Europe. President Putin has announced that he will halt gas flows to Poland and Bulgaria from Wednesday. He also said that payment from “unfriendly” buyers should be in rubles, while the European Union has said that would be a breach of sanctions.
Home sales figures will be released for the US later today ahead of GDP data tomorrow. GDP is expected to have risen by 1.1% during the first three months of 2022.
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