The euro continues to retreat against the dollar. The single European currency fell below 0.99 dollars on Monday. It is heckled by uncertainties about the European economy after the announcement on Friday of the complete shutdown of the Nord Stream 1 gas pipeline by the Russian Gazprom.
At 7:45 a.m. Paris time, the euro fell 0.71% to 0.9883 dollars, its lowest since December 2002. Since the beginning of the year, the European currency has continued to weaken against the dollar.
The Russian giant Gazprom announced on Friday that the Nord Stream gas pipeline, which was to resume service on Saturday after maintenance, will finally be “completely” stopped until the repair of a turbine in this crucial pipeline for supplying Europeans. The shutdown is considered, from a technical point of view, unjustified by the turbine manufacturer Siemens Energy.
After brushing its historic record of 345 euros per megawatt hour on August 26, set in March at the start of the war in Ukraine, the price of European natural gas fell by more than a third in one week last week.
European stock markets could also experience a difficult day. The same causes producing the same effects, the supply difficulties caused by the shutdown of Nord Stream 1 should shake up the markets due to the uncertainty that the situation is causing.