SHANGHAI, Jan 25 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

The dollar rose to a two-week high on Monday against a basket of currencies, lifted by rising geopolitical risk over Ukraine and a likely hawkish stance from the Federal Reserve at its policy meeting this week.

Markets until recently had mostly shrugged off the massing of Russian troops on Ukraine’s borders, but tensions have ratcheted up lately. NATO said it was putting forces on standby and reinforcing eastern Europe with more ships and fighter jets, in what Russia denounced as an escalation of tensions.

The United States is considering transferring some troops stationed in western Europe to eastern Europe in coming weeks, a NATO diplomat told Reuters, and U.S. President Joe Biden ordered diplomats’ families to leave Kyiv.

U.S. stock index futures were little changed in overnight trading Monday, after a wildly volatile session that saw the Dow erase a more than 1,100 point decline to finish the day in positive territory.

Futures contracts tied to the Dow Jones Industrial Average gained 19 points. S&P 500 futures were flat, while Nasdaq 100 futures dipped 0.1%.

During regular trading, the Dow gained 99 points, or 0.3%, and snapped a six-day losing streak. At the lows of the day, the 30-stock benchmark shed 3.25%. The S&P 500 advanced 0.28% for its first positive session in five, after losing nearly 4% earlier in the day. At one point the benchmark index fell into correction territory, dropping 10% from its Jan. 3 record close.

The Nasdaq Composite rose 0.6%, reversing a 4.9% decline from earlier in the day. The comeback was the first time the tech-heavy index clawed back a 4% loss to end higher since 2008.

Oil prices fell on Monday, hit by a stronger dollar and investor concerns over the possibility of quicker than expected increases to interest rates by the U.S. Federal Reserve.

Brent crude fell $1.62, or 1.8%, to end the day at $86.27 per barrel. West Texas Intermediate (WTI) crude settled 2.15% lower, or $1.83, at $83.31 per barrel.

The dollar rose to a two-week high on Monday against a basket of currencies, lifted by the tension between Russia and the West over Ukraine and the possibility of a more hawkish stance from the Fed this week.

Brent had risen more than a $1 earlier in the session on concerns over tight supplies and elevated geopolitical risks in Europe and Middle East.

Gold advanced on Monday as a selloff in Wall Street driven by geopolitical tensions over Ukraine bolstered its safe-haven appeal, while investors prepared for the Federal Reserve’s rate hike decision.

Spot gold rose 0.4% to $1,840.16 per ounce. U.S. gold futures settled up 0.5% at $1,841.70.

The pan-European Stoxx 600 provisionally ended down 3.6%, with both tech and travel and leisure stocks plunging 5.2% as all sectors and major bourses slid into the red. In terms of individual share price movement, Unilever gained 7.3% after reports that activist investor Nelson Peltz has accumulated a stake in the British consumer goods company.