The Euro Rises Supported by The Possibility of a Summit Between Biden and Putin

The euro rose on Monday, supported by news of a possible summit between US President Joe Biden and Russian President Vladimir Putin to discuss the crisis in Ukraine.

Details remain unclear, but French President Emmanuel Macron’s office said the two leaders had agreed in principle to hold a summit on “security and strategic stability in Europe”.

The White House said in a statement that Biden accepted the meeting “in principle” but only “in the event that an invasion does not occur.”

The euro rose 0.35 percent to $1.1362, after falling slightly in early trading. The Australian dollar rose 0.55 percent.

However, the yen gave up most of its gains in early trading, to trade at 114.97 yen to the dollar. Like the Swiss franc, the yen, which is considered a safe haven of value, has benefited from the tension caused by Russia’s build-up of troops on Ukraine’s border.

The price of the pound sterling rose 0.19% to $1.3623 before the PMI data, which will give an indication of the impact of the spread of the mutated Omicron from the Coronavirus on the British economy.

The dollar index, which measures its value against six major currencies, fell 0.28%.

The cryptocurrency Bitcoin rebounded somewhat after falling at the weekend, increasing 2.3 percent to about $39,000. And earlier on Monday, it fell to its lowest level in two weeks, recording $38,210.