The biggest single pipeline carrying Russian gas to Germany, the Nord Stream 1 pipeline, began annual maintenance on Monday, with flows expected to stop for 10 days.
“The most proximate concern for markets is whether or not Nord Stream 1 is going to come back online,” said Bipan Rai, North American head of FX strategy at CIBC Capital Markets in Toronto, adding that “the markets will likely price in a recession” for the region if it doesn’t.The dollar index reached 108.19, the highest since October 2002.
“The Fed is going to raise rates more aggressively than most other developed market central banks and we don’t think other developed market central banks really have the bandwidth to keep up,” Rai said. US consumers see inflation rising further in the year ahead but expect a more moderate pace over the longer term in a signal that inflation expectations remain reasonably anchored, a survey from the New York Fed showed on Monday.Economists polled by Reuters expect the index to show that consumer prices rose by an annual rate of 8.8% in June.
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