The euro is rising Monday amid hopes of a possible meeting between U.S. President Joe Biden and Russian President Vladimir Putin to discuss the crisis in Ukraine.

Details are unclear, but French President Emmanuel Macron’s administration said it had proposed the two leaders hold a summit on “security and strategic stability in Europe.”

The White House said in a statement that Biden agreed to the meeting “in principle” but only “if there is no invasion (of Russia in Ukraine).”

The euro was up 0.4 percent to $1.1366 by 09:40 MSC.

The risk-sensitive Australian dollar rose 0.63% to $0.7218.

The New Zealand dollar climbed 0.34% to $0.6722.

“Tensions between Russia and Ukraine are starting to dominate risk sentiment and price action. The market is likely to follow the news without any clarity on the final outcome,” Barclays analysts said in a note.

The pound rose 0.24% to $1.3622 ahead of the release of PMI data that should shed light on the impact of the omicron strain of the coronavirus on the British economy.

The dollar index against a basket of six major currencies fell 0.25 percent to 95.799.

The Japanese yen rose 0.04% against the dollar to 114.95 yen.