U.S. Dollar Index soars to highest since 2020, while euro is under pressure as Russia-Ukraine conflict deepens

The U.S. Dollar Index soared to its highest level in almost two years on Friday as the deepening Russia-Ukraine conflict led investors to continue flocking to safe havens, such as the greenback. The dollar index DXY, +0.74% rose 1% to 98.80, the highest level since May 2020. Meanwhile, the euro fell 1.4% to its lowest level against the dollar EURUSD, -1.18% since that same time period. European currencies have in general been the hardest hit by the war, according to Joseph Marlow, an assistant economist at Capital Economics.