In an interview with France's Le Figaro newspaper late Sunday, French President Emmanuel Macron said that France and Britain are proposing a one-month truce in Ukraine to stop  all air and sea conflict and attacks on energy infrastructure.

This came after the crisis talks held in London, in which European leaders closed ranks in support of Kyiv, pledging to spend more on security and assemble a coalition to defend any truce in Ukraine.

On Friday, US President Donald Trump blasted Ukraine’s Volodymyr Zelensky at a live White House news conference. Trump’s row with Zelensky raised fresh questions over the US commitment to Ukraine and The North Atlantic Treaty Organization (NATO).

Market reaction

The Euro remains on the front foot following these headlines, driving EUR/USD 0.44% higher on the day to near 1.0420, as of writing.