By Gina Lee

Investing.com – The dollar was down on Thursday morning in Asia, but remained close to a 14-month high against the euro. Investor concerns that surging energy prices, and the resultant inflation, could impair the economic recovery from COVID-19 persist, while also keeping an eye on the U.S. Federal Reserve’s timeline to begin asset tapering.

After strengthening to $1.1529 Wednesday, the U.S. currency remained steady at $1.1558/euro for the first time since July 2020.

This chart tracks the greenback’s performance against a basket currency by lowering 0.03% to 94.248 at 10:53 pm ET (2:53 GMT)

This pair climbed 0.06% to 111.47.

The pair edged down 0.11% at 0.7280 while the pair edged upwards 0.11% at 0.6917.

The pair remained steady at 6.4467, with Chinese markets shut for holidays. This pair increased by 0.01%, to 1.3582.

Overnight, however, it hit a 7-year-high before falling from its recent gains. It also hit an unprecedented peak in Europe, where coal prices reached all-time highs.

Pepperstone’s head of research Chris Weston stated that natural gas was the focus of all the discussion on trading floors and social media. He also spoke out in an article titled “OMGas”.

“Traders feared stagflation risks were on the march and questioned how on earth do central banks deal with a stagflation event driven by a supply shock?” the note added.

Investors continue to track progress in the U.S. Debt Ceiling negotiations after Senator Minority Leader Mitch McConnell stated that his Republican party would permit an.

The latest U.S. job report will be out on Friday. On Wednesday’s release, the September report was higher than expected at 568,000. This is due to subsiding COVID-19 case numbers that allowed Americans to travel and dine out, as well as re-start high-contact activities.

The report could provide clues to the Fed’s timeline to begin asset tapering, widely expected to happen as soon as November 2021.

The bitcoin price was at or near its almost 5-month-high of $55,800 on Wednesday. It traded last around $54,881.