The euro sinks below parity against the dollar as Gazprom pipeline shutdown stokes recession worries | BISouthAfrica
Tunahan Turhan/SOPA Images/LightRocket via Getty ImagesGazprom's pending maintenance shutdown of the Nord Stream 1 gas pipeline into Europe pressured the euro. fell below the value of the US dollar on Monday, slipping below parity on fears over a gas shortage worsening in Europe. The decline took place just days before the Federal Reserve was expected to stress its aim of clamping down on high inflation at its symposium in Jackson Hole, Wyoming.
"The energy shock seems sure [it will] drive Europe into a recession," Marc Chandler, chief market strategist at Bannockburn Global Forex, in a Monday note in which he outpointed European natural gas prices have jumped by almost 380% so far in 2022. The euro has also been pushed lower with US Treasury yields climbing as the Federal Reserve has ramped up interest rates. Fed officials will gather this week for their conference in Jackson Hole, Wyoming, culminating in a speech by Fed Chairman Jerome Powell on Friday.
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