October 6, 2022

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The euro exchange rate is weakening rapidly.  The first such case in 20 years

The euro exchange rate is weakening rapidly. The first such case in 20 years

Russia’s Gazprom made a last-minute decision not to reconnect the main Nord Stream 1 pipeline after three days of pre-planned maintenance. European governments over the weekend held special crisis meetings and worked out a strategy in the event of a winter without Russian gas. The Germans presented a plan worth 65 billion euros, the Finns plan to spend 10 billion euros, and the Swedes created reserves worth 23 billion euros.

However, it appears that the markets have not completely calmed down. The euro fell below $0.99It is one of the determining factors for the state of the eurozone economy The STOXX Europe 600 Index lost more than 1 percent on Monday morning. German DAX It decreased by 3 percent. lowest.

Accordingly, since the beginning of 2022, the euro has lost 13 percent against the dollar, the Stoxx Europa 600 has lost 16 percent, and the DAX – 20 percent.

As noted by Bloomberg, behind this data is the energy crisis related to the Russian invasion of Ukraine. Nord Stream 1’s failure to resume gas supplies this weekend has increased the risks of a European winter without gas. This could send the European economy down while the European Central Bank plans to raise interest rates to combat rising inflation.

The outlook for the euro is not the best, the Polish zloty is worse

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See also: Saves all of Europe. “Polish politicians don’t pass these words down the throat”

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