LONDON—The euro rallied and the dollar retreated on Monday as investors pulled capital away from safe havens after President Joe Biden and Russian President Vladimir Putin agreed in principle to meet to discuss the crisis in Ukraine. The euro rose 0.5 percent to $1.1376 after losing some ground in early trade while the dollar index shed 0.4 percent against major currencies. “The price action reflects a combination of relief that Russia did not invade the Ukraine over the weekend (…) and the announcement that Presidents Biden and Putin have accepted in principle a French proposal for a diplomatic summit,” wrote Lee Hardman, a currency analyst at MUFG. Hopes that the crisis might be moving towards de-escalation was being felt through most financial asset classes, and European stock markets opened in positive territory. The risk-friendly Australian dollar gained 0.6 percent to $0.7218 and sterling ticked up 0.24 percent to $1.3630. By …
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