EUR/USD Elongates Fall to Renew Many Decades Low Around 1.0250

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EUR/USD slides to 1.0279, reaching its lowest depth since the last month (December) of 2002. The US dollar rallied while stocks dipped, and this portrays market worries. The S&P Global published the last version of European Unions Purchasing Manager Indices. Subsequently, the published PMIs revealed that economic development in Europe declined to a 1 year and 4 months depth.

Also, manufacturing was reduced for the first time in 24 months. These facts worsen recession worries, as inflation in Europe remains at its historical height. Consequently, this influenced the price of EUR/USD.

EUR/USD Elongates Fall to Renew Many Decades Low around 1.0250

Other Factors Affecting EUR/USD

At the same time, Robert Habeck: Germany’s Minister for the economy, mentioned that the energy industry issues might have a chain effect on the market. Since Russia has been regulating gas supply to Germany, the country has been in worries about a total power outage. This is because Russia Intends to shut down the stream-one pipeline in six days: July 11th, in the meantime. The given reason for this temporary shut-down is that The country wants to carry out a yearly maintenance service on the pipeline. The effect of worries created by the intended temporary shutdown affected the European economy and the value of the EUR/USD.

Before the United State Opening. Wall Street futures sharply declining. This is induced by significant losses recorded by its foreign partner. The government’s bond proceeds, oppositely, relaxed because investors sought safety. Currently, proceed on the ten years Treasury document gliding near 2.85%.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.