“Europe braces for another shutdown of the Nord Stream 1 gas pipeline later this month“, reminds AFP Craig Erlam, analyst at Oanda.
Gas giant Gazprom has warned that gas supplies will be cut off for “maintenancefrom August 31 to September 2, at the risk of rekindling fears of a shortage in Europe, where Russia is accused of energy blackmail.
The Sword of Damocles hanging over Europe is gone to stay there.
As a result, the price of European gas (Dutch TTF futures contract) soared again and reached 295 euros per megawatt hour (MWh) on Monday, approaching all-time highs reached in the first days of the invasion of Ukraine. by Russia.
“The sword of Damocles hanging over Europe is gone to stay there“, warns Kit Juckes, analyst at Societe Generale.
And the week could be painful for the euro. For now, in 2022, the currency had recovered after flirting with the parity threshold, but “poor PMI indicators on Tuesday could be enough to anchor the euro under a dollar“, he warns.
Because on the other side of the Atlantic, despite a slight weakening of US inflation in July, the US Federal Reserve (Fed) ensures that it will continue to tighten its monetary policy.