The euro was pinned near a 21-month low on Thursday by worries that Russia's invasion of Ukraine will hurt European growth, while commodity currencies hit multi-week highs as export prices surged.
The euro was last at $1.1097 in the Asia session, only a little above its overnight trough of $1.1058, its lowest since May 2020. It is down 1.5% for the week so far and is heading for a fourth consecutive weekly loss against the U.S. dollar.
"In the current crisis, we view the euro's status as vulnerable," said senior FX strategist Jane Foley at Rabobank, which is reviewing its $1.11 target on the downside. "Energy prices have pushed higher as have those for many agricultural products. The war in Ukraine thus suggests higher for longer inflation and the potential of slower economic growth."
Sterling has been tugged lower with the euro since Russia's invasion, although it managed a bounce from Wednesday's low of $1.3275 to trade at $1.341 in Asia.