Original Content- Business Upside
In Asian trading, the euro fell to $0.988, its lowest number since 2002, whereas the pound hit $1.144, a new 2.5-year low, and stayed close to its crisis low. The US dollar index, which compares the dollar to a basket of six different currencies, with the euro having the highest weighting, surged to a record-breaking high of 110.25, setting a new two-decade high.
Russia postponed a Saturday deadline due to the Nord Stream pipeline to start transporting oil by citing an oil leak in a turbine. At the same time, the Seven-member Group of Seven finance ministers announced a limit on Russian oil prices.
Worries about increasing energy costs have additionally hurt the pound. If Liz Truss, the UK’s current foreign minister, is elected as the nation’s next prime minister, she promised to take urgent action to reduce growing energy prices and boost energy supplies.
They cannot believe in the prospects for natural gas in Europe, a bad situation for the euro. According to Osamu Takashima, the chief currency strategist at Citigroup World Markets, Putin plays a significant role.
At 140.38 to the dollar, the yen struggled to hold above a 24-year low. The risky Australian dollar fell 0.41% and was trading close to a seven-week low at $0.678.
Comments