On Thursday, the US dollar reached its highest level since 2002, as Wall Street rose and European shares recovered from six-week lows as strong earnings reports offset gloomy US economic data.

The yen fell to a 20-year low after the Bank of Japan pledged to buy an unlimited amount of 10-year bonds every day in order to maintain its yield target. The bank’s reaffirmation of its commitment to ultra-low interest rates pushed the US dollar to a new high, weakened emerging market currencies, and increased borrowing costs for US dollars in currency derivatives markets.

Oil prices rose following reports that Germany is no longer opposed to a Russian oil embargo, which could further constrain global supplies.