Solid News

EU Authorities Failed to Agree on the Limit for Russian Gas Price

12/14/2022 1:18 PM

The EUR/USD pair is moving within a corrective trend at 1.0621.

Yesterday, the energy ministers of the EU countries could not agree on the maximum price for gas purchased from the Russian Federation, and consultations on this issue were postponed until next week. The European Commission has proposed a third, lower gas price cap of 2.360K dollars per 1.0K cubic meters for deliveries next month at the current price of 1.500K dollars. Still, according to Hungarian Foreign Minister Péter Szijjártó, after a long debate at the plenary meeting, no agreements were reached so that the discussion would continue in the framework of bilateral negotiations.

EU macroeconomic statistics almost completely coincided with forecasts: inflation in Germany slowed down by 0.5% in November, which led to a decrease in its growth to 10.0% YoY, the German economic sentiment index from the Center for European Economic Research (ZEW) with a forecast in December improved to –23.6 points from –36.7 points a month earlier, and the indicator for all countries in the region rose to –23.6 points from –38.7 points.

American publications did not live up to analysts' expectations: the consumer price index rose by 0.1% in November, which led to a slowdown in growth to 7.1% YoY from 7.7% earlier, although it was expected that the figure would drop to 7.3%, and the underlying value fell to 6.0% from 6.3% a month earlier. Thus, inflation in the country is falling more dynamically than experts expected, which may make adjustments to the US Federal Reserve's interest rate decision.

On the daily chart, the trading instrument continues corrective growth, confidently holding above the resistance line of the local ascending corridor.

Technical indicators maintain a stable buy signal: fast EMAs on the Alligator indicator widen the swing range upwards, and the AO oscillator histogram forms upward bars, rising in the buying zone.

Resistance levels: 1.0670, 1.0850. | Support levels: 1.0530, 1.0320.

Find Us
Registered Address : Bonovo Road – Fomboni Island of Mohéli – Comoros Union
Sofia, PO Box 1407,14 Flip Kutev Str. Floor 2, Industrial area Hladilnika, Bulgaria
Call Us
+35 924 928 392

Risk Warnings
Solid ECN Securities LLC offers trading on Foreign Exchange (‘Forex’ or ‘FX’) and Contracts for Difference (‘CFDs’), which are complex financial products that are traded on margin. They carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, these products may not be suitable for all investors, as loss of all invested capital may occur. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved and consider your investment objectives and level of experience. Seek independent advice, if necessary.
Solid ECN Securities LLC does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of a CFD. Solid ECN Securities LLC is not a financial advisor and all services are provided on an execution-only basis. This communication is not an offer or solicitation to enter into a transaction and shall not be construed as such.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
By using you agree to use our cookies to enhance your experience.
Solid ECN Securities LLC is authorized and regulated by the Comoros Union with reference number HY00623411.
Disclaimer 1: The information provided on this site is not intended for residents of any country or jurisdiction where its distribution or use would violate local laws or regulations.
Disclaimer 2: Solid ECN Securities LLC and it affiliates does not provide services to residents of the USA, Japan, Canada, Australia, the Democratic Republic of Korea, European Union, United Kingdom, Iran, Syria, Sudan and Cuba.
Copyright All Right Reserved 2024