Sun, April 14, 2024

The Euro at  Multi-Year Lows against Franc, And Pound

The Euro at Multi-Year Lows against Franc, And Pound

The crisis in Ukraine is dampening prospects for European economic growth. Hence, on Friday, the euro hit a seven-year low against the Swiss franc and a nearly two-year low against the dollar. This week, the euro lost 2.1%, putting it on track for its lowest week since April 2020. It was down 0.5% to $1.1010 at 0850 GMT, approaching its lowest level since May 2020, after Ukrainian officials reported on Friday that Russian forces captured Europe’s largest nuclear power facility after a building at the complex was set ablaze amid combat with Ukrainian defenses.

Russia Targeting Nuclear Plants

According to authorities, they extinguished the fire in a structure labeled as a training center. According to US Energy Secretary Jennifer Granholm, there were no signs of higher radiation levels at the facility. Compared to sterling, the euro fell to 82.61 pence, its lowest level since July 2016. It fell to 1.0114 versus the safe-haven Swiss Franc, its lowest level since January 2015. The consequences of rising energy and gas costs, according to analysts, would undoubtedly stifle European consumption and growth prospects.

After reaching its highest level versus a basket of peers since June 2020, the US dollar index surged 0.36% to 98.073. Money markets do not expect interest rate rises at the ECB’s next meeting; however, the Federal Reserve of the United States should raise rates for the first time since the coronavirus outbreak on March 15-16. Jerome Powell, the chairman of the Federal Reserve, reiterated his support for a quarter-point hike in the benchmark rate. Russian armies pressed forward in Ukraine, encircling and assaulting cities.

In other news, the Australian dollar climbed 0.6% to a four-month high of $0.7370 against the US dollar; it was aided by the commodities boom. Because Japan is a net importer of energy, high energy costs have stopped the Japanese yen from gaining as much from the haven flows. When word of the fire broke, the yen momentarily rose against the dollar; however, it eventually lost those gains and was at 115.37 per dollar.

Interested in Forex Trading? Read WiBestBroker’s comprehensive Kowela review.

YOU MAY ALSO LIKE

Market Trends

Quick Look: Cronos Group stock fell by 2.53%, closing at $3.47. Trading

The Central Bank of Russia and crypto, nickel

Quick Look: Nickel smelting causes local communities severe health problems and environmental

Tractable raises $60M to grow in accident - robot recovery

Quick Look: The Robot Market in China is projected to grow from

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

Axi Renews CFD Sponsorship Deal with Football

The Australian Federal Court has ordered Prospero Markets, a trading broker for forex and CFDs, to shut down and has appointed a liquidator to refund client money. This move follows a demand from

BROKER NEWS

Broker News

Axi Renews CFD Sponsorship Deal with Football

The Australian Federal Court has ordered Prospero Markets, a trading broker for forex and CFDs, to shut down and has appointed a liquidator to refund client money. This move follows a demand from the