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As oil prices fall and investors take more risks, the euro rises

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News Tech: The euro rose more than 1.5% against the dollar on Wednesday as risk sentiment returned to financial markets and energy and commodity prices fell following recent spikes due to the Ukraine invasion. Russia and Western sanctions were imposed in response. After hitting a 22-month low on Monday at $1.0806, the euro was last at $1.10645, up 1.57% on the day. The move is driven in part by recent reports that the European Union is discussing a joint bond issue to finance spending, said Mazen Issa, senior FX strategist at TD Securities energy and defense.

“Looking at the options market, the signal is that there has been a drop in downside protection for the euro, so it could signal that the market thinks we can break out of the extreme,” he said. acute period of shock”. the only response to the Ukraine crisis.
Joseph Trevisani, the principal analyst at FXStreet.com, said a month ago the euro was close to hitting $1.15 and a quick drop below $1.10 may be overdue. “It was an incredibly fast and steep move, so I think we’re seeing some profit taking and also some reversal on that basis,” he said.

Brent crude fell more than 17% to an intraday low of $105.60 after a sharp sell-off, before recovering to $114.69 a barrel. U.S. crude fell 9.7% to $111.69. Falling oil prices also contributed to a rally in the main stock indexes on Wall Street as investors held onto stocks on concerns about Western sanctions on Russia. “It’s certainly a risk that moves today across all markets,” Trevisani said. European currencies such as the Polish zloty and the Hungarian forint have rallied, recovering from record lows against the euro, also supported by both central banks that raised rates on Tuesday.

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