Now: Dollar in Momentum
Greenback once again back in demand and created new record high against almost all of the other major currencies as the week started in risk-aversion mode. The catalyst for the risk-aversion is the news coming from China in which one of them concerning the high inflation data beyond the market expectations. Another catalyst is the emerging of the first case for the coronavirus sub-variant BA-5 in which spurs concern that China will go into another lockdown after the economy just started to recover.
Euro is one of the worst performers which is the lowest since December 2002 as the pressure piling up because of the energy crisis. At the moment, Russia is closing the Nord Stream 1 pipeline for the regular maintenance but Germany fears that it will not be open again until the crisis between Russia and Ukraine is solve.
12 July 2022