After touching a 22-month low on Monday of $1.0806, the euro was last at $1.10645, up 1.57% on the day.After touching a 22-month low on Monday of $1.0806, the euro was last at $1.10645, up 1.57% on the day.
The move was driven in part by recent reports that the European Union was discussing a joint bond issuance to finance energy and defense spending, said Mazen Issa, senior FX strategist at TD Securities. “That’s an extremely fast and steep move, and so I think we’re seeing some profit-taking and also some reversal based on that,” he said.
Oil prices plunged on media reports that OPEC producers United Arab Emirates and Iraq said they would support increased production, potentially offsetting some of the supply disruptions caused by sanctions on Russian oil. Sterling rose 0.47% against the dollar to $1.3162, Poland’s zloty jumped %5.78 against the greenback to 4.3145 and Hungary’s forint rose 4.03% to 341.28.
How though, the war isn’t done yet. I was expecting the Rand to be picking momentum. Who and what drives the markets vele.
Nigogaxekile inyama yomsipha senifike nini e Europe nihlulwa ukusicazela nge Rand niyehlula
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