Forex News April 27, 2022

 

Germany 

Germany says it is closely coordinating with the EU on the Russian gas supply cut-off. So far, the German gas crisis team has not identified any gas supply bottlenecks. Concerned about the cessation of Russian gas supplies to partner countries 

Germany, on the other hand, is unlikely to be on the chopping block just yet, as it will be Russia’s ace card in this game of poker. However, given the circumstances, it will be critical to monitor developments in the coming days/weeks.

Equities 

• Stocks in Europe are a little more cautious to begin the day, Eurostoxx is flat, Germany DAX is up 0.1 percent & France CAC 40 is up 0.2 percent 

• UK FTSE +0.1%,Spain’s IBEX fell 0.1 percent. 

The more cautious mood here comes against the backdrop of a sharp drop in US equities yesterday, even though US futures are finding some temporary relief. The entire gas ‘blackmail’ by Russia is also not helping the general economic mood, contributing to declining consumer sentiment in both Germany and France to begin the new day. 

Currently, S&P 500 futures are up 0.6 percent, Nasdaq futures are up 0.5 percent, and Dow futures are up 0.7 percent.

It’s only a temporary reprieve, and it could change later in the day, as we saw with trading yesterday.

Euro 

  • The euro has dropped to a new five-year low against the dollar. 
  • There is little relief for the euro, which is seen falling again in early European trading. The 2020 low of 1.0635 is beginning to crack under downside pressure, with the low today reaching 1.0622. 
  • According to the charts, there isn’t much standing in the way of a further drop in the currency towards 1.0400 in the near future. 
  • The latest developments regarding Russia’s gas ‘blackmail’ will be of little comfort to Europe, which is already struggling with soaring inflationary pressures. The latest German GfK consumer morale release highlights the rapid deterioration in sentiment, which will be felt more heavily later in Q2.

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