Asian session investors saw a decline in US dollar trade and commodity prices as hopes for a solution to the Ukraine-Russia crisis rose.
Recent talks show President Volodymyr Zelensky telling that Ukraine is ready for a diplomatic solution and compromise in certain parts.
The euro rose slightly from its lowest level to trade steady at around 1,100 against the US dollar ahead of the European Central Bank (ECB) policy meeting tonight.
Investors are expecting a hawkish statement from President Christine Lagarde as European inflation rates rise.
Safe-haven trading also declined following declining risk in the market, seeing the dollar index continue to retreat from a nearly two-year high to trade at around 98.20 against other major competitors.
Investors are also awaiting the release of US inflation data on the New York session which is expected to rise 7.8% in February.
Meanwhile, oil prices fell sharply after Iraq expressed its readiness to increase production if OPEC+ needed it. It also added that the country has about 6% production as spare capacity and produces 4.4 million barrels a day.
This has prompted crude oil trading to fall sharply and also dragged down other commodity prices during the New York session.
