Euro remains vulnerable. Overview for 07.09.2022

The market major remains depressed. The current quote is 0.9900.

As previously, the euro is affected by the energy crisis unveiling in Europe. While the winter season is coming, this factor will be acquiring more and more significance. On the other hand, the USD is supported by the demand for safe-haven assets from investors who are fleeing from risks worldwide.

Moreover, the market is interested in the dollar because the September meeting of the Fed is close. Most probably, the interest rate will be raised for no less than 50 base points. The main goal of the Fed’s tough monetary policy is control over inflation. As the regulator has mentioned, all measures will do.

Yesterday the US reported an unexpected increase in the PMI in non-production. The ISM in August grew to 56.9 from 56.7 points. However, by Markit, it dropped to 43.7 from 44.1 points.

As for important statistics planned for today, only the Beige Book is expected in the US.