the shared currencyso far, has not reacted to growing market concerns about gas supply and rising gas prices, explains Kit Juckes, macro strategist at Société Générale.
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“Gazprom announced yesterday that the flow through Nord Stream 1 will be reduced to 20% of its capacity in the next one or two days, for an undetermined time. Prices at the virtual trading point of the Netherlands have risen to 182 euros/MWh, close to March highs. However, the euro has not overreacted to this news. Perhaps that reflects a willingness to wait and see how temporary the reduction in supply will be, although the uncertainty on supplies in the coming months will hurt growth because European leaders will have to rein in demand whatever happens.Also, maybe the euro shorts are finally big enough, after another surge last week, to cushion the currency”.
Source: Fx Street
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