Euro pinned down as Russia-Ukraine war stokes stagflation fears

The euro was pinned near a 21-month low on Thursday by worries that Russia's invasion of Ukraine will hurt European growth, while commodity currencies hit multi-week highs as export prices surged.
 

The euro was last at $1.1097 in the Asia session, only a little above its overnight trough of $1.1058, its lowest since May 2020. It is down 1.5% for the week so far and is heading for a fourth consecutive weekly loss against the U.S.

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The Australian dollar was holding firm at $0.7300, just off Wednesday's seven-week high of $0.7306, as prices for Australian exports such as coal, gas