June 5, 2023

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Euro falls on energy price fears

Euro falls on energy price fears

New York (Reuters)
The euro fell to a 20-year low against the dollar today, amid fears of higher energy prices and possible supply shortages, casting a shadow over the eurozone economy, despite some assurances of gas supplies. Oil and gas fields affected by the Norwegian oil industry strike are expected to return to full capacity within two days, Equinor said on Wednesday.
On the other hand, Goldman Sachs raised its forecast for natural gas prices, saying it is no longer possible to restore all Russian gas flows through the Nord Stream 1 pipeline.
Analysts expect a rapid rise in oil prices with continued supply shortages.
The euro fell 0.3 percent to $1.023, its lowest since December 2002 at $1.0225.
The dollar index, which measures its value against six major currencies, rose 0.2 percent to 106.71.
The euro fell 0.3 percent against the Swiss franc to a seven-year low of 0.9911 francs.
Against the Japanese yen, the dollar fell 0.3 percent to 135.36 yen to the dollar.
The Bank of Japan has said it will not stop inflationary measures to control inflation caused by high fuel and raw material prices due to the Ukraine crisis, and that it will be temporary.
In terms of cryptocurrencies, the price of Bitcoin fell by one percent and it was recorded at $ 2017,055 in the latest trade, and the price of Ether increased by 1.2 percent to $ 1,146.

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