Euro under pressure as electricity, gas prices surge

Economies.com
2022-08-17 12:07PM UTC

Euro declined in European trade against dollar, almost hitting three-week lows as the energy sector continues its collapse in Europe, with gas and electricity prices surging in Germany.

 

Dollar rose to near multi-week highs ahead of the Federal Reserve's latest meeting minutes, which might bolster the case for multiple more rate hikes this year. 

 

EUR/USD fell 0.2% to 1.0149, after rising 0.1% yesterday, the first profit in three days away from three-week lows at 1.0122. 

 

Energy Crisis

 

The energy sector continues its collapse with standard energy prices surging above 500 euros in Germany for the first time, pressuring businesses. 

 

Germany energy prices rose 5.2% to 502 euros per megawatt\hour, a 500% increase from last year. 

 

The Dollar

 

The dollar index rose over 0.2% on Wednesday on track to hit three-week highs at 106.94 against a basket of major rivals. 

 

All of that comes ahead of the Fed's meeting minutes later today, which will include clues on the future path of policy tightening in the US. 

Forex and Currency News

Forex News

Forex

The dollar declines after weak US data
2024-03-01 21:25PM UTC
The dollar declined against most major rivals on Friday following weak data and speculation about ...
EUR/USD news

Forex

Euro gains ground ahead of European inflation data
2024-03-01 08:14AM UTC
Euro rose in European trade on Friday against a basket of major rivals, holding above one-week lows ...
Forex News

Forex

Dollar edges up after inflation data
2024-02-29 21:46PM UTC
Dollar rose against most major rivals on Thursday following US inflation data, which could have an ...

Forex Technical Analysis

GBP USD Analysis

Forex

Midday update for the GBPUSD 01-03-2024
2024-03-01 10:39AM UTC
The GBPUSD pair keeps its stability below 1.2650, to keep the correctional bearish trend valid for ...
EUR USD Analysis

Forex

Midday update for the EURUSD 01-03-2024
2024-03-01 10:39AM UTC
The EURUSD pair fluctuates around the EMA50 since morning, and didn’t show any strong move ...
GBP USD Analysis

Forex

The GBPUSD breaks the support - Analysis - 01-03-2024
2024-03-01 08:47AM UTC
The GBPUSD pair faced clear negative pressure yesterday, as it broke 1.2650 level and closed the ...