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15 Mar 2022

Euro Edges Higher amid Advancement in Ukraine-Russia Peace Talks

The Index Today

The euro inched up on Tuesday, spurred by hopes stemming from substantial progress made in diplomatic negotiations between the warring countries of Russia and Ukraine even as China battles its latest surge of COVID-19 cases, thereby tempering investor appetite for risk assets.

The euro rose by 0.55% against the U.S. dollar at 6:21am ET. The U.S. dollar index dropped by 0.3% to 98.808, reported Reuters. Despite that, Commerzbank forex analysts contended, "A solution to the conflict and an end of the war would be positive for EUR. However, doubts as to how much EUR would be able to appreciate in the end are justified."

Confirming market optimism towards improving peace talks between Ukraine and Russia, ING analysts said, "With markets having processed the ECB’s hawkish surprise from last week, EUR/USD is back to being driven by sentiment around the Russia-Ukraine conflict."

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