The euro sank to a two-decade low after Russia shut down a key gas pipeline to Europe, prompting several European governments to declare emergency measures to alleviate the agony of rising energy prices. Oil prices rose along with the rest of the energy complex as a holiday in the United States created thin trading conditions.
The energy crisis complicates matters for the European Central Bank (ECB), which meets this week to decide how much to hike interest rates. On a basket of major currencies, the US dollar reached a new two-decade high of 110.090.
The dollar was trading at 140.33 yen, barely below the 24-year high of 140.80 set on Friday. Sterling was trading at $1.1468, having fallen as low as $1.1458 earlier in the day.
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