The dollar hovered near 20-year highs as investors continued to digest worries about persistently high inflation and tightening US central bank policy.

The U.S. dollar remained near 20-year highs, supported by safe haven demand as Russia bristled over Finland’s plan to apply for NATO membership, with Sweden potentially following suit.

Moscow called Finland’s announcement hostile and threatened retaliation, including unspecified “military-technical” measures.

The European single currency was 0.15% firmer at $1.0395 after trading lower earlier in the day.

Oil prices were higher against the backdrop of a pending European Union ban on Russian oil, but were still set for their first weekly loss in three weeks, hit by concerns over inflation and China’s COVID lockdowns slowing global growth.

U.S. crude ticked up 1.28% to $107.49 a barrel, and global benchmark Brent crude was up 1.5% at $109.06 per barrel.

Spot gold, which had been driven to a three-month low by the soaring dollar, was up 0.23% at $1,825.86 per ounce.