The U.S. dollar rose to its highest level in two weeks on Thursday, amid renewed volatility in equity and precious metals markets, as traders awaited interest rate decisions from the European Central Bank and the Bank of England.

The dollar index, which measures the U.S. currency against a basket of six major currencies, climbed 0.14% to 97.82, marking its second consecutive daily gain.

“There are signs of risk aversion,” said Sim Moh Siong, a foreign exchange analyst at OCBC in Singapore. “When risk aversion sets in, the dollar tends to strengthen.”

The euro fell 0.2% to $1.1790 ahead of the European Central Bank’s policy decision, which is widely expected to leave interest rates unchanged. Investors’ attention is focused on the press conference following the decision, as they assess the outlook for monetary policy in the coming months.

Markets currently indicate that traders do not anticipate any interest rate cuts this year. Despite the volatility that has dominated markets since the start of the year, the euro remains only 0.4% higher than its level at the ECB’s last meeting in December.

However, the euro has risen by around 13% against the dollar compared with a year ago, heightening policymakers’ concerns about its impact on price pressures in the region. Meanwhile, inflation in the euro zone has declined to about 1.7%, below the ECB’s 2% target.