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Euro Advances As Russia-Ukraine Peace Talks Begin

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The euro climbed against its major counterparts in the European session on Tuesday, on optimism over peace talks between Ukraine and Russia taking place in Turkey aimed to secure a ceasefire deal.

The two-day face-to-face talks began at 7:30 GMT, with Turkish President Recep Tayyip Erdogan calling for an immediate ceasefire.

Ahead of the talks, the Ukrainian President said that his government is ready to consider Russia’s demand of adopting a neutral status and compromise over the status of the eastern Donbass region.

Ukrainian officials played down the chances of a major breakthrough at the talks, while a Kremlin spokesperson said that sanctions on trade and oligarchs were akin to “total war” against Russia.

Data from Destatis showed that Germany’s import price inflation moderated slightly in February but remained at an elevated level.

Import prices grew 26.3 percent on a yearly basis in February, slower than the 26.9 percent increase in January. The rate was forecast to remain stable at 26.9 percent, which was the strongest since October 1974.

The euro firmed to a 4-day high of 1.1018 against the greenback and an 8-day high of 0.8406 against the pound, off its prior lows of 1.0969 and 0.8383, respectively. If the euro rises further, it may find resistance around 1.12 against the greenback and 0.86 against the pound.

The euro rose to 1.0300 against the franc, from a low of 1.0251 seen in early deals. Against the loonie, it rebounded to 1.3771. The euro is seen finding resistance around 1.05 against the franc and 1.39 against the loonie.

The euro touched a 1-week high of 1.5971 against the kiwi, after falling to 1.5902 in the Asian session. The next possible resistance for the euro is seen around the 1.62 level.

The euro rebounded to 136.33 against the yen and 1.4690 against the aussie, from its early lows of 135.31 and 1.4636, respectively. The euro is poised to challenge resistance around 138.00 against the yen and 1.48 against the aussie.

Looking ahead, U.S. consumer confidence index for March, FHFA’s house price index and S&P/Case-Shiller home price index for January will be out in the New York session.

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