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EUR/USD approaches 1.00 despite a potential German energy crisis; Jackson Hole forecasts a pullback

Daniel Rogers

Aug 25, 2022 14:59

截屏2022-08-25 上午10.23.25.png 

 

The EUR/USD has detected buying activity after trading sideways at 0.9960 throughout the Tokyo session. As the US dollar index (DXY) trades badly at the open, the pair is climbing to reclaim the fabled 1.0000 level. The DXY has fallen to approximately 108.50 after experiencing selling pressure close to 108.50.

 

The contrasting reactions of market players to Federal Reserve (Fed) chair Jerome Powell's remarks on interest rate guidance at the Jackson Hole Economic Symposium have perplexed investors. The DXY is volatile due to two schools of thought regarding the Fed's stance on interest rates following a decline in the private sector.

 

As a result of the Fed's aggressive interest rate rises, PMI numbers have decreased dramatically. As a result, one school of thought contends that the Fed should slow down because a decline in economic activity could hurt the confidence of the private sector. In addition, the second school of thought favors maintaining the existing rate of interest rate hikes, as price stability is the primary objective.

 

On the Eurozone front, the probability of a German energy crisis is rising as the energy-supplying Nord Stream 1 pipeline from the Baltic Sea to Germany undergoes unscheduled maintenance over the last three days of August. During a time when the German energy market is already suffering supply difficulties, new supply constraints may cause energy prices to skyrocket.


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