The dollar jumped to a 20-year high after Putin announced the mobilization of additional troops.

The currency is part of the Varchev Finance portfolio. It’s not a trade recommendation.

The U.S. dollar rose to a 20-year high and European shares fell after Putin said he would mobilize additional troops to support Russian armed forces in Ukraine. The index, which tracks the greenback against a basket of currencies, was up 0.5 percent in London morning hours. The euro fell 0.7 against the dollar, while the British pound fell 0.4 percent. The dollar is widely considered a safe haven and typically rises during geopolitical unrest. The Japanese yen was the only exception, gaining slightly against the dollar. The Japanese currency often appreciates as domestic investors pull their capital out of foreign markets, redirecting it back to Japan during market turmoil.

All this comes just before the US Federal Reserve announces its interest rate decision later today. The central bank is expected to raise its key interest rates by 0.75 percentage points, the third such hike in a row, in a bid to cool the biggest jump in inflation in four decades.

In a further sign of risk-off sentiment in financial markets, Europe’s Stoxx 600 stock index fell 0.3% after markets opened, with France’s CAC 40 down 0.8% and Germany’s Dax down 1%. Futures tracking the S&P 500 fell 0.2 percent Crude oil prices rose, with international benchmark Brent rising 2.3 percent to $92.68.