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As negotiations with Ukraine get under way, the euro is rising while the yen is recovering somewhat

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News Tech: The euro rose in cautious trading on Tuesday as Ukrainian and Russian negotiators met face-to-face in Turkey for the first time in over two weeks. The US dollar has fallen slightly, just below its highest level since May 2020, while the yen showed a modest recovery on Monday after falling to its lowest level since August 2015. A move towards a ceasefire or peace deal would support a single currency as the Eurozone is expected to suffer the greatest economic impact from the conflict.

Russia’s aggression appears to have stalled, but Ukraine and the US have little hope of a breakthrough at Tuesday’s talks. “The market is currently in wait-and-see mode as new talks on Ukraine start later today,” said Robert Miaric, forex strategist at UniCredit. “However, our view of the dollar remains positive due to the Federal Reserve’s dovish stance. We believe the dollar index could cross the 100-point threshold soon,” he said. added.

The US dollar fell 0.2% against the yen to 123.6 after rising to its highest level since 2015 on Monday, setting the biggest monthly gain since November 2016. The chart below shows the month-to-month rate of change in the dollar/yen exchange rate. Japan’s Finance Minister Shunichi Suzuki said the government would closely monitor currency movements to prevent a “bad” yen depreciation that would hurt the economy.

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