1.0616 at the time of writing, possibly lower by the time of publication. The EUR/USD exchange rate has sunk below its 2020 lows. You have to go back to 2017 to find a lower level. The 2 main reasons are known: 1) the rise of risk aversion which resulted in a violent downward correction of the US markets and…
Oil prices plunged yesterday, before recovering somewhat, in line with the US stock market: the ICE Brent front month fell to $99.5/b, before rebounding to $102.32/b at the end of the day (-4.1%). It is trading around $103/b this morning. The NYMEX WTI front month fell by 3.5% to end the day at $98.54/b. The fears…
The European power spot prices inched up yesterday as forecasts of higher demand and falling wind production were mostly offset by expectations of improved French nuclear availability and increased hydro generation. The day-ahead prices hence averaged 233.85€/MWh in Germany, France, Belgium and the Netherlands, +11.38€/MWh day-on-day. Easing uncertainties over the Russian gas payment in rubles…
The People Bank of China promises to support the Chinese economy through a variety of measures, including easing credit conditions for small businesses, lowering the reserve ratio for banks’ foreign currency holdings, or ending regulatory action against technology companies. But lower rates are hampered by the need to clean up the housing sector and, above all, monetary policy…
Prices were down again yesterday in most European gas markets, pressured by the increase in pipeline supply. Indeed, Norwegian flows rebounded, averaging 305 mm cm/day, compared to 269 mm cm/day on Friday. Russian flows were also higher, at 220 mm cm/day on average, compared to 209 mm cm/day on Friday. The drop in coal prices…
