The euro climbed against its major counterparts in the European session on Wednesday, while the U.S. dollar weakened, as sanctions imposed on Russia by the U.S. and its allies were softer, helping lift sentiment.

Markets breathed a sigh of relief after the U.S. held back from introducing aggressive sanctions against Russia.

Russian President Vladimir Putin said that he is willing to have diplomatic talks over the Ukraine conflict, but the country's interests are "non-negotiable."

Putin's comments came after the imposition of sanctions on Russia following the recognition of two Ukrainian separatist regions as sovereign states.

U.N. chief Antonio Guterres dismissed Russia's assertion that troops sent to eastern Ukraine will uphold peace.

Final data from Eurostat showed that Eurozone inflation rose to a record high in January, as initially estimated, driven by surging energy prices.

Inflation rose to a record 5.1 percent in January from 5.0 percent in December. The rate matched the flash estimate published on February 2.

The euro advanced to 130.71 against the yen and 1.1359 against the greenback, off its early lows of 130.14 and 1.1316, respectively. The euro may find resistance around 132.00 against the yen and 1.16 against the greenback.

The euro edged up to 1.0460 against the franc and 0.8354 against the pound, following its prior lows of 1.0420 and 0.8325, respectively. The euro is likely to face resistance around 1.06 against the franc and 0.86 against the pound.

In contrast, the euro weakened to nearly 5-week lows of 1.5610 against the aussie and 1.6684 against the kiwi, after gaining to 1.5698 and 1.6828, respectively in early trades. The next possible support for the currency is seen around 1.53 against the aussie and 1.64 against the kiwi.

The euro reversed from a previous high of 1.4469 against the loonie, dropping to 1.4410. On the downside, 1.42 is likely seen as the next support for the euro.

Pulling away from its early highs of 1.2770 against the loonie, 0.7216 against the aussie and 0.6729 against the kiwi, the greenback depreciated to a 5-day low of 1.2703 and nearly 5-week lows of 0.7267 and 0.6799, respectively. The greenback is seen finding support around 1.26 against the loonie, 0.75 against the aussie and 0.70 against the kiwi.

The greenback touched a 2-day low of 1.3620 against the pound, down from a high of 1.3574 seen at 5:00 pm ET. Should the greenback falls further, 1.38 is likely seen as its next possible support level.

After climbing to 0.9219 at 4 am ET, the greenback dropped to 0.9183 against the franc. The greenback may test support around the 0.90 region.

The greenback retreated to 115.02 against the yen, from a high of 115.17 hit at 4 am ET. If the greenback slides further, 112.00 is likely seen as its next support level.

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