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Nach Zinsentscheiden: Wieso der Euro nachgibt - Pfund unter Druck

After Interest Rate Decisions: Why the Euro is Falling – the Pound is Under Pressure | newsletter

At midday, the single currency was $1.0415. In the morning I moved even higher. The European Central Bank set the reference rate at $1.0431 on Wednesday afternoon.


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Swiss National Bank (SNB) clearly high rate The financial markets unstable. The central bank raises the key interest rate by 0.50 percentage points to minus 0.25 percent. The Swiss National Bank said on Thursday that currency holders want to counteract inflationary pressure with this. Most economists did not expect the increase. As a result, the Swiss franc rose significantly against all major currencies. The decision also brought the stock and bond markets to Euro-zone Under pressure, which put the euro under pressure against other currencies.

The Euro is weighing on the strong energy supply concerns. As it was announced Thursday evening, Russian energy group GAZPROM has reduced its deliveries of gas to Germany via the Nord Stream pipeline on the Baltic Sea. In addition, Italian energy supplier ENI reported that gas shipments from Russia to Italy have been reduced. European gas prices rose more than 22 percent. Europe is particularly dependent on Russian energy.

Meanwhile, the British pound came under pressure against the euro and dollar. As expected, the central bank raised its key interest rate by 0.25 percentage points to 1.25 percent. This was what economists expected. But it seems that some players in the financial markets were expecting a stronger increase.

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The night before, financial markets had reacted calmly to the rate hike by the US Federal Reserve. The Fed raised interest rates by 0.75 points. This was the largest rate increase since 1994. Although the majority of experts have assumed a move of only 0.50 point, a larger move has already been priced in the financial markets.


Frankfurt (dpa-AFX)

Image sources: alterfalter /, Vladimir Koletic /