WASHINGTON (dpa-AFX) - The U.S. dollar weakened against its major rivals in the Asian session on Wednesday, but recovered gradually and is turning in a mixed performance with traders weighing the impact of the Russia-Ukraine crisis and the sanctions on Russia.
U.S. President Joe Biden officially announced plans to allow the toughest sanctions on Russia's Nord Stream 2 gas pipeline to move forward.
Calling the move another piece in his administration's 'initial tranche' of sanctions against Russia, Biden argued that Russian President Vladimir Putin's actions have 'provided the world with an overwhelming incentive to move away from Russian gas and to other forms of energy.'
Earlier, an official told CNN the sanction of Nord Stream 2's parent company, which the Biden administration previously blocked using a national security waiver, is 'effectively a death knell to the project.'
A Pentagon official told reporters 80% of Russian forces amassed on the Ukraine border are 'ready to go' and said Putin has assembled enough military assets to 'conduct a large-scale invasion.'
Traders fear a Russian invasion coupled with the international sanctions imposed in response could derail the global economy even as the Federal Reserve prepares to begin raising interest rates.
The dollar index, which dropped to 95.85 in the Asian session, climbed to a high of 96.24 later on in the day, and is currently hovering around 96.20, up 0.18% from the previous close.
Against the Euro, the dollar firmed to $1.1308 after having weakened to $1.1361 from the previous close of $1.1325.
The dollar is trading at $1.3546 against Pound Sterling, up from $1.3586.
The dollar is trading at 115.00 yen, down marginally from 115.07 yen.
Against the Aussie, the dollar is at 0.7231, easing from 0.7219.
The Swiss franc has strengthened to CHF 0.9184 against the dollar, gaining from CHF 0.9215, while the Loonie is firmer against the dollar at C$ 1.2739, up from C$ 1.2771.
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