The dollar weakened against most major currencies on Wednesday as prospects for an end to the war in Ukraine fueled investor appetite for riskier assets. The euro and eastern European currencies led the rally against the greenback, while European stocks climbed. US President Donald Trump and Russian President Vladimir Putin agreed to start negotiating an end to the war, and US Treasury Secretary Scott Bessent presented an economic partnership agreement to Ukrainian President Volodymyr Zelenskiy.
THE dollar weakened against most major currencies as prospects for an end to the war in Ukraine drove appetite for riskier assets.
US President Donald Trump agreed in a phone call with his Russian counterpart Vladimir Putin to start negotiating an end to the war, a change from previous US policy. US Treasury Secretary Scott Bessent also presented an economic partnership agreement to Ukrainian President Volodymyr Zelenskiy during a visit to Kyiv.
The euro climbed as much as 0.6 percent to $1.0440, heading for a third day of gains—its longest winning streak this year. In the options market, short term sentiment has turned from negative to neutral, with traders on Wednesday mostly going for bets on further gains. The euro has been dragged down recently by the European Central Bank pushing ahead with interest-rate cuts as the Federal Reserve takes a pause.
DOLLAR EURO UKRAINE WAR RISK APPETITE CURRENCIES
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