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11 Mar 2022

Euro Rises as Putin sees "Certain Positive Shifts" in Talks with Ukraine

The Index Today

The euro seen rising on Friday after Russian President Vladimir Putin said “There are certain positive shifts, negotiators on our side tell me.”

Putin did not actually provided any details, the euro rose 0.4% to $1.1043 minutes after Putin said in a meeting with his Belarusian counterpart Alexander Lukashenko that talks continued practically on daily basis.

The euro was 0.25% higher at $1.1023 as of 1225 GMT, after rising as high as $1.11215 on Thursday in a choppy day.

According to Reuters, the euro has fallen almost 2% against the U.S. dollar in March after Russia started a military operation in Ukraine last month. But it was heading on Friday to its first weekly gains in five weeks.

Simon Harvey, head of FX Analysis at Monex Europe said "Although both parties are still quite some distance apart from compiling and signing a formal peace treaty, headlines suggest that ground is being made in trying to bring about a more peaceful resolution."

This is the reason why euro saw some modest gains after Putin's statement, he added.

©Photo: Wall Street Journal

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