The EUR/USD price crashed to the lowest level in five years as concerns about the Eurozone economy continued.
Enter your emailThe pair will likely keep falling as the risks to the European economy continues.Timeline: 1 day.price crashed to the lowest level in five years as concerns about the Eurozone economy continued.AdvertisementThere are serious concerns about the Eurozone economy as the energy crisis continued. On Wednesday, the price of European natural gas prices surged to an all-time high after Russia’s Gazprom stopped supplying oil to Poland and Bulgaria.
Therefore, investors believe that the European Central Bank will be slow to end its stimulus in a period of stagflation. On the other hand, the Federal Reserve is expected to continue being more aggressive by hiking interest rates and starting its quantitative tightening policy. The EUR/USD declined as the US dollar continued its strength. The dollar index moved above $102 as the currency rose against other key currencies like the Japanese yen, Swiss franc, and sterling.
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