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Eurodollar rate today1/17/2024 ![]() ![]() Market holidays and trading hours provided by Copp Clark Limited. ![]() All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account That’s good news for Americans with plans to visit Europe this summer but could spell bad news for economic global stability. This safe haven retreat into the US dollar could become even more extreme if Europe and the US enters a recession, warned Deutsche Global Head of FX Research George Saravelos in a note last week.Ī situation where the euro is trading below the US dollar at a range of $0.95 to $0.97 could “well be reached,” wrote Saravelos, “if both Europe and the US find themselves slip-sliding in to a (deeper) recession in Q3 while the Fed is still hiking rates.” The US Federal Reserve is well ahead of Europe on tightening, having hiked interest rates by 75 basis points while indicating that more rate increases will come this month. “Given the nature of Germany’s exports which are commodity-price sensitive, it remains hard to imagine that the trade balance could improve significantly from here in the next few months given the expected slowdown in the eurozone economy,” Saxo Bank foreign exchange strategists wrote in a recent note.Ī series of aggressive interest rate hikes by central banks, including the Fed, coupled with slowing economic growth will keep pressure on the euro while sending investors toward the US dollar as a safe haven, say analysts. Germany recorded its first trade deficit in goods since 1991 last week as fuel prices and general supply chain chaos significantly increased the price of imports. Photo: Silas Stein/dpa (Photo by Silas Stein/picture alliance via Getty Images) Silas Stein/picture alliance/Getty ImagesĮurope hasn't been this cheap for Americans in decadesīut some say the ECB is far behind the curve, and that a hard landing is all but inevitable. The ECB announced that it will hike interest rates this month for the first time since 2011, as the eurozone inflation rate sits at 8.6%.Ģ2 June 2022, Baden-Wuerttemberg, Rottweil: The lettering Euro can be seen on a 1-Euro coin next to a 20-Euro Schin in an office. The energy crisis comes alongside an economic slowdown, which has cast doubts over whether the European Central Bank can adequately tighten policy to bring down inflation. German officials fear that it may not be turned on again. ![]() Now that critical piece of gas import infrastructure in Europe, has been shut down for scheduled maintenance due to last 10 days. At the same, Russia has throttled back gas supplies to some EU countries and recently cut the flow in the Nord Stream pipeline to Germany by 60%. The European Union, which received roughly 40% of its gas through Russian pipelines before the war, is attempting to reduce its dependence on Russian oil and gas. Fears of recession on the continent abound, stoked by high inflation and energy supply uncertainty caused by Russia’s invasion of Ukraine. The euro hit $1 on Tuesday, down about 12% since the start of the year. For the first time in 20 years, the exchange rate between the euro and the US dollar has reached parity – meaning the two currencies are worth the same. ![]()
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