Euro fragile as Fed hike looms, gas risks weigh - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

📆 7/27/2022 4:41 AM
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The euro nursed losses on Wednesday after its sharpest drop in two weeks, as a cut in Russian gas supply sent energy prices soaring, while the dollar held ground ahead of an expected US interest rate hike later in the day.

The euro fell about 1% to $1.0108 overnight, the largest fall since July 11 and was steady in early Asia trade at $1.0139.

Flows along the Nord Stream pipe from Russia to Germany fell on Tuesday and will drop further on Wednesday. Markets have priced in a 75 basis point Fed hike later on Wednesday, with a 13% chance of a supersized 100 bp raise. “It’s more of a wait-and-see rather than the expectation of a large surprise,” said Galvin Chia, emerging markets strategist at NatWest Markets.

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