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Parity has reappeared on the EURUSD due to the energy threat in Europe. Strong increases in gas prices are leading to extreme electricity prices in Europe. Prices in Germany for a year's delivery exceed 700 EUR/MWh
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EURUSD falls today to a new 19-year low, the lowest since December 2002
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Gas prices in Europe rose today even above 280 EUR/MWh, a new historic high
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The price increase is dictated by supply uncertainty in Europe. Gazprom on August 31 begins an unscheduled 3-day inspection of the Nordstream I pipeline. Concerns have been raised that supplies to Germany may not return or will be further reduced
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Russia does not intend to compensate for the loss of supplies with the remaining pipelines
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Oil prices lost as much as 3% during the day today, after the rather positive news that OPEC+ is 3 million brk/d away from its production target
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All of the loss in the oil market was recovered, however, after another announcement from Saudi Arabia that the oil market is not pricing the very tight supply situation well. Thus, OPEC+ could theoretically decide to even cut production this year. Oil gains about 0.5% today
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UBS estimates that oil will rise again by the end of the year to $135 per barrel
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European currencies, not just the euro are under pressure from the energy crisis.
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Gold is under pressure from the strong dollar, fell today in the vicinity of $1,730 per ounce
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Bundesbank reports that the energy crisis could lead to inflation above 10% in Germany. In the UK, on the other hand, there is talk of inflation of 18% due to the recent massive increase in gas prices
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Rising yields, higher expectations for hikes and the possibility of a recession (an even deeper inversion of the yield curve) are causing a sell-off on Wall Street. Declines on the Nasdaq are clearly above 2.5%, the S&P 500 is down 2.0%, the DJIA is down 1.8%
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Tomorrow's release of preliminary PMI index data from around the world
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This week's focus will be on the Jackson Hole symposium, with Powell's speech on Friday at 3 pm BST
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