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Bloomberg
Europe’s currencies slid after Russia’s invasion of Ukraine plunged the continent into its biggest security crisis since World War II.
The euro dropped to a nearly seven-year low against the Swiss franc as investors flocked to haven assets. The pair dropped as much as 1%, the largest slide in more than two years, before rebounding slightly. The common currency posted an even bigger decline against the greenback, falling about 1.4% to 1.1147, its lowest level this month.
The rush into the dollar’s safety dragged down other European currencies. The Swedish krona and Norwegian krone both saw declines of around 2%, while their Danish counterpart fell 1.5%. Even the Swiss franc, a traditional haven, lost ground against the dollar as Russian tanks moved into Ukraine.
The euro has now erased the gains seen after the European Central Bank struck a more hawkish tone earlier this month.