$EURUSD Forex Signal: More Downside Amid Heightened EU Recession Risks
The announcement came after Gazprom closed it for maintenance. Analysts believe that the decision was in line with Europe’s decision to cap the price of Russian oil in the international market.
For one, recent data showed that the bloc’s inflation surged to an all-time high of 9.1% in August of this year. Still, many European countries have continued boosting their natural gas storage and procuring it from other countries. This gas from countries like Qatar and Australia is nonetheless much expensive than that from Russia. High prices has also incentivized many people and companies to reduce their gas consumption.
The EUR/USD price will react to the latest services PMI data from European countries. Economists expect that services output slipped during the month.The four-hour chart shows that the EUR/USD pair has been in a tight range in the past few days. It has remained at the parity level since the third week of August.
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