A continued repricing of recession risks has been felt in the commodity after a dramatic sell-off in oil prices during yesterday’s session. Get your market update from JMcQueenFX here:
A continued repricing of recession risks has been felt in the commodity after a dramatic sell-off inprices during yesterday’s session. Meanwhile, the already strong USD has been further fueled by safe-haven flows and will likely continue to do so as risk sentiment sours. That said, the spike higher in the greenback has been a wrecking ball for its major counterparts, most notably the Euro, which is printing fresh two-decade lows and looks set for parity.
The negatives for the Euro are well-known and could be further exacerbated by two events this month. Firstly the annual maintenance shutdown of Nordstream from July 11-21and secondly the ECB’s July meeting where all the focus is on whether the central bank can announce a credible anti-fragmentation tool. That said, the bias would be to fade any bounce backs in the single currency from 1.0300-20.
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