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The euro fell to a one-month low on Tuesday as tensions between Russia and the West over Ukraine drew investors to the dollar, a day before the Federal Reserve is expected to reveal details on its plans to tighten monetary policy.

Western leaders stepped up preparations for any Russian military action in Ukraine while Moscow said it was watching with great concern after 8 500 US troops were put on alert to deploy to Europe in the event of an escalation.

Ukraine tensions have exposed the euro and Europe, especially regarding energy, but the dollar’s strength has more to do with Fed policy tightening, said Alvise Marino, director of FX strategy at Credit Suisse. The dollar’s strength indicates its role as the ultimate safe-haven currency, said Marshall Gittler, head of Investment Research at BD Swiss Holding Ltd.

The Fed could firm up plans to raise interest rates and shrink its holdings of US Treasury bonds and mortgage-backed securities, which have swollen its balance sheet to about $9 trillion.Analyst views of the meeting are mixed, with Deutsche Bank flagging a potentially hawkish surprise over the coming months,with as many as six or seven increases this year.

 

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