May 18, 2022

Hardwood Paroxysm

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Stock markets, positive Europe supported by quarterly reports. The euro fell below $1.07

(Il Sole 24 Ore Radiocor) – In one wake red closureThe European stock exchanges It is moving higher, buoyed by the good performance of some quarterly reports. The attempt to rebound in energy stocks failed immediately after the start, with oil resuming its downward trajectory. Once again, news from Asia is driving the market, as investors appreciate the Chinese central bank’s commitment to support the economy, which has been hit by a new spike in Covid-19 cases in the capital, Beijing. Concerns remain in the background about the crisis in Ukraine, as resolution of the dispute appears far away, and next steps by the Federal Reserve. Technicians in the spotlight then Twitter accepted the $44 billion offer by Elon Musk.

They also recover Crude oil prices: West Texas Intermediate crude futures for June, which in any case remained below $100 a barrel, recovered to $99.12 (+0.59%), while Brent contracts for June rose 0.71% to $103.07.

Dollar crushes euro, yen returns as ‘safe haven’

Crushes resume the flow of dollars euro Below 1.07 against the dollar, at March 2020 levels, the return of climate risk aversionThanks to the increase in Covid cases in China and the waiting for an interest rate hike in the United States, it gave new life to purchases on the dollar with Overnight the dollar index rose to a two-year high. As a result, the Euro hit a low of 1.068, a level not seen since March 20, 2020 when it reached an intraday low of $1.0637. “From the European Central Bank, at the moment, there are no warning signs for the level of the single currency – noted ActivTrades analysts – in a continuous and gradual decline that should soon start worrying someone in Frankfurt.”

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The buying also returned to the yen, with the single currency back below 137. “With regard to the yen, we reported, after much of the decline, risk back And the Japanese currency as a safe haven asset – analysts say – taking into account the fact that the dollar / yen began to fall below 128 already in the session of Monday, April 25th, which led to the withdrawal of all Japanese currency pairs with it, especially against the euro. As other countries raise interest rates – they add – while the Bank of Japan remains accommodative, the yen will once again represent a safe asset that can be bought in times of investor fear. And something in this sense we can glimpse.”

The start of the heavy week

Weighs in price lists The increase in COVID-19 cases in ChinaA shutdown is also feared in Beijing, after harsh lockdowns in Shanghai and other major cities in the People’s Republic of China, which caused disruption to the global supply chain.