What you need to take care of on Wednesday, July 6:
Fears of a globalized recession take their toll on financial markets. The greenback took advantage of the risk-averse scenario and soared. The risk of a US recession is above 70%, according to analysts.
The EUR/USD pair fell to a 20-year low of 1.0234, recovering some ground later in the day but settling below the 1.0300 threshold. EU growth slowed to a 16-month low, while Germany struggles to get gas amid mounting tensions with Russia.
German Economy Minister Robert Habeck noted that the energy industry crisis could have a negative impact on financial markets. He did not rule out intervening gas prices. Since Russia curbed its gas flows to the country, Germany fears a complete blackout of Moscow’s provision, as Russia will temporarily shut down the NordStream-1 pipeline on July 11 for annual maintenance. The country moved to alert level two in June and…
