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Euro Advances As Russia And Ukraine Hold Talks

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The euro climbed against its major counterparts in the European session on Monday amid risk appetite, as investors focused on diplomatic talks between Russia and Ukraine in an attempt to end the conflict.

In a video posted on Twitter, Russia’s Presidential adviser Maikhailo Podiliak said that his country has become “much more sensitive to the Ukrainian position” and has “started to talk constructively.”

The talks are aimed to secure evacuation corridors to allow civilians to leave, particularly from areas hit by Russian strikes such as the city of Mariupol.

Russian forces attacked a large military base near the border of Poland, firing more than 30 missiles at the facility.

The attack came after Russia’s warning that military aid convoys to Ukraine could be targeted.

Data from Destatis showed that Germany wholesale price inflation accelerated further in February on higher raw materials and intermediate product prices.

Wholesale price inflation advanced to 16.6 percent in February from 16.2 percent in January.

The euro climbed to 1.0989 against the greenback and 1.0257 against the franc, up from its early 5-day lows of 1.0900 and 1.0184, respectively. The next possible resistance for the euro is seen around 1.12 against the greenback and 1.04 against the franc.

The euro spiked up to 129.58 against the yen, its highest level since February 28. Against the pound, it was up at a 4-day high of 0.8424. The euro may locate resistance near 131.5 against the yen and 0.86 against the pound.

The euro moved up to 4-day highs of 1.6160 against the kiwi and 1.5144 against the aussie, off its prior lows of 1.6022 and 1.4957, respectively. The euro is seen finding resistance around 1.63 against the kiwi and 1.53 against the aussie.

The euro gained to 1.4014 against the loonie, from a low of 1.3891 seen at 5:30 pm ET. On the upside, 1.42 is likely seen as the next resistance level for the currency.

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