WASHINGTON (dpa-AFX) - The U.S. dollar climbed up sharply on Thursday, hitting a near 20-month high in the process, on safe-haven appeal after Russia declared war on Ukraine and launched a full-scale invasion on the country.
While it was expected that Russia would be focusing on contested regions in the eastern part of the country, Russian President Vladimir Putin launched an all-out invasion of Ukraine.
U.S. President Joe Biden and other world leaders have condemned Russia for the 'unprovoked and unjustified attack,' which Biden predicted would cause a 'catastrophic loss of life and human suffering.'
'Russia alone is responsible for the death and destruction this attack will bring, and the United States and its Allies and partners will respond in a united and decisive way,' Biden said in a statement. 'The world will hold Russia accountable.'
The U.S. and other countries around the world are expected to impose more severe sanctions on Russia following the invasion.
In economic news, a report from the Labor Department showed initial jobless claims dropped to 232,000 in the week ended February 19th, a decrease of 17,000 from the previous week's revised level 249,000. Economists had expected jobless claims to dip to 235,000 from the 248,000 originally reported for the previous week.
A report from the Commerce Department showed the U.S. economy grew by slightly more than originally estimated in the fourth quarter of 2021. The report showed the increase in real gross domestic product in the fourth quarter was upwardly revised to 7% from the previously reported 6.9%.
Another report from the Commerce Department showed new home sales tumbled by 4.5% to an annual rate of 801,000 in January after spiking by 12% to an upwardly revised rate of 839,000 in December. Economists had expected new home sales to dip by 0.6% in the month.
The dollar index soared to 97.74 in the New York session, its highest level since end-June 2020, and despite paring gains and dropping to 97.06, remains firmly up with a gain of about 0.9%.
Against the Euro, the dollar is firm at $1.1200, gaining from $1.1306.
The dollar is trading at $1.3384 against Pound Sterling, firming from $1.3546.
Against the Japanese currency, the dollar is weaker by about 0.5% at 115.57 yen, easing from 115.02.
Against the Aussie, the dollar is at 0.7167, gaining from 0.7234.
The Swiss franc is at 0.9256 a dollar, declining from 0.9183 a dollar.
The Canadian currency Loonie is weak at C$ 1.2812, compared with C$ 1.2738 Wednesday evening.
The Russian rouble, which dropped to a record low of 89.98 against the dollar, was down more than 4.5% at 84.97 a little while ago.
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