The US dollar recorded a slight decline early in the European session as most other major currencies struggled to bounce back from previous slumps.
Following the third round of talks between the Russian and Ukrainian delegations on Monday, the two sides unfortunately still failed to make any progress towards a ceasefire. Still, little success has been made in the issue of humanitarian corridors.
The focus is now on the meeting of the two top officials of Russia and Ukraine to be held on Thursday in Turkey.
Meanwhile, Deputy Prime Minister Alexander Novak warned that Russia could block its main Nord Stream 1 gas pipeline to Germany if plans to ban its oil imports continue.
This is seen to have a big impact on Europe's largest economy which has a high dependence on energy materials from Russia.
Even so, the euro, which has been under pressure following these concerns, recorded a slight increase following reports that the European Union (EU) would consider selling large mutual bonds to fund their energy and defense.
Meanwhile, the EU is also reportedly planning to reduce Russian gas imports by two -thirds over the next 12 months as a way of eliminating its dependence on Moscow.
A string of that, it indirectly gives some reassurance to risky markets and supports other major currencies slightly recovering.
