Supply chain disruptions caused by the coronavirus pandemic have been exacerbated by Russia's war on Ukraine and lockdowns in China, while energy bills have soared and taxes have risen, reducing consumer spending power.
The euro fell after Russia's announcement on Friday (Aug 19) last week that it would halt gas supplies for three days through the Nord Stream 1 pipeline at the end of this month. Market participants are concerned that the halt could exacerbate the energy crisis that has weighed on the currency over the past few months.
The embargo is expected to see Russian coal exports flowing to China and India. Meanwhile, Europe will import coal from Australia, Colombia, the United States, Australia and Indonesia.
In addition, the European Central Bank (ECB) is scheduled to hold a meeting on Thursday (25/8). Markets are betting that the ECB will raise interest rates even as the Blue Continent faces slowing economic growth.
The euro fell after Russia's announcement on Friday (Aug 19) last week that it would halt gas supplies for three days through the Nord Stream 1 pipeline at the end of this month. Market participants are concerned that the halt could exacerbate the energy crisis that has weighed on the currency over the past few months.
The embargo is expected to see Russian coal exports flowing to China and India. Meanwhile, Europe will import coal from Australia, Colombia, the United States, Australia and Indonesia.
In addition, the European Central Bank (ECB) is scheduled to hold a meeting on Thursday (25/8). Markets are betting that the ECB will raise interest rates even as the Blue Continent faces slowing economic growth.