The dollar passed a few moments on Monday above the threshold of one euro, the greenback benefiting from the determination of several members of the US Federal Reserve (Fed) to tighten their monetary policy.
Whereas the european economy will suffer from the leap of energy pricewhich will limit the room for maneuver of the European Central Bank and the Bank of England, the euro lost around 8:20 a.m. GMT (10:20 a.m. in Paris) 0.35% to 1.0000 dollars, following falling to 0.9994 dollars, and the pound 0.33% to 1.1790 dollar, levels not seen since mid-July. The euro is approaching its low for the year, at $0.9952. If the single European currency falls below this threshold, it will evolve at a rate more observed since 2002, the year of its entry into circulation.
On the American side, if some currency traders had bet that the Fed would slow the pace of its increases, several officials of the monetary institute tried to convince them that the rise in rates would continue. “A new opportunity for the Fed to convince the market will be the Jackson Hole symposium” at the end of the week, comments Ulrich Leuchtmann, analyst at Commerzbank. At this meeting of central bankers, the Fed boss will speak on Friday.
Europe on alert over Russian gas
On the European side, “Europe is preparing for a new closure of the Nord Stream 1 gas pipeline later in the month”, reminds AFP Craig Erlam, analyst at Oanda. The gas giant Gazprom warned that gas deliveries would be interrupted for “maintenance” from August 31 to September 2, at the risk of rekindling fears of a shortage in Europe, where Russia is accused of energy blackmail.
As a result, the price of European gas (Dutch TTF futures contract) soared once more and reached 292.995 euros per megawatt hour (MWh) on Monday, approaching the all-time highs reached in the first days of the invasion of Ukraine. by Russia.
