By Gina Lee

Investing.com – The dollar was up on Thursday morning in Asia. After rallying on hopes that the conflict in Ukraine might be moving into a new phase, the euro held its one-month highest against the dollar. Japan’s yen recorded its worst month since November 2016

That tracks the greenback against various currencies edged up 0.12% at 97.990 on 12:08 PM ET (4.08 AM GMT).

It was up 0.3% to 122.28.

Both the pair fell 0.2% to 0.7488, and both were down 0.24 to 0.6958.

The pair inched up 0.03% to 6.3493. showed that China’s was 49.5, while the was 48.4, in March 2022. It is expected to be released on Friday.

This pair fell 0.10% to 1.31117.

European single currency stood at $1.1175, which was its highest level in a month. It has also gained 1.7% during the week.

“The euro has been one of the biggest winners over the past sessions, part of that reflects the positive news about the Russia Ukraine tensions,”  Commonwealth Bank of Australia) (CBA) FX strategist Carol Kong told Reuters.

She added that sustained euro gains will depend on developments in Ukraine.

At the beginning of this week’s peace talks, there was no breakthrough in Ukraine-Russian relations. Russia announced that it will curtail its operations in the vicinity of the Ukrainian capital Kyiv as well the northern city Chernihiv. This was just over a month after it invaded Ukraine February 24th. The pledge was met by skepticism on the part of Ukraine and its allies in Western countries, who see it as an attempt to reduce losses and plan for future attacks.

According to Volodymyr Zelenskiy, Ukrainian President Volodymyr Volodymyr Zeleskiy on Thursday, Ukrainian forces were preparing for Russian attack in the eastern part of the country.

The euro’s gains, as well as a brief recovery for the yen and strengthening commodity currencies such as the Canadian dollar, meant the dollar index dropped to its lowest level in three weeks overnight. On Thursday however, the yen recovered and the dollar rose 0.5% to 122.45 yen.

The Japanese currency suffered a sharp fall in March. It dropped to its lowest point since November 2015, Monday. However, it has recovered slightly over the next few days.

The Bank of Japan’s intervention to prevent government bond yields from rising too high is in stark contrast to the U.S. Federal Reserve’s approach. Japan’s dovish approach set the yen on a downward trend, and it is set for its worst month since November 2016. Thursday’s moves in Japanese assets are likely to be volatile as it is the end of the country’s fiscal year, CBA’s Kong noted.

The price of bitcoin in crypto markets was $47,240. This is close to its all-time high of $48,234 earlier this week.