The Russia-Ukraine war has hit many currencies hard. Here’s what analysts are expecting now

Currency markets have not escaped the steep losses and wild swings seen across other asset classes in recent weeks, and strategists are changing their game plans in light of Russia’s invasion of Ukraine.

The Deutsche Bank Currency Volatility Index climbed toward 10% on Tuesday morning in Europe, its highest level since April 2020, in the early stages of the Covid-19 pandemic.

The euro gained 0.4% against the dollar on Tuesday as some of the flight to safe-haven assets moderated, but was still down more than 4% against the greenback since the war began, as conflict intensified and...