EUR/USD Slides Further on Energy Woes and US Dollar Flex
EUR/USD Price, Chart, and Analysis
- German energy giant hammered by Russian gas embargo.
- ECB warns of slowing growth and recessionary fears.
- EUR/USD moves lower and parity is set to be tested again.
German energy giant Uniper posted a staggering EUR12 billion loss for H1 2022 on Wednesday as the energy crisis in Europe’s largest member state continues. The company was given a EUR15 billion bailout in July – for 30% of the company’s shares – by the German state to keep the energy solvent as it tries to stay afloat in the face of sharply reduced gas flows from Russia. With near-term energy prices continuing to hit record levels across Europe, further growth-stymying energy restrictions look likely in the weeks and months ahead.
The latest FOMC minutes, released yesterday, showed the Federal Reserve set on hiking interest rates further with a proviso that it ‘would become appropriate at some point to slow the pace of policy rate…