Euro slumps to two-decade low as recession fears bite



* Euro drops to lowest since end of 2002 as concerns build

* Dollar rises as Treasury yields rebound

* Yen near 24-year lows again

* Aussie dollar fails to gain traction after 50 bps rate hike

* Norway's crown drops nearly 1.2% as gas workers strike

By Marc Jones

LONDON, July 5 (Reuters) - The euro slumped to a two-decade low on Tuesday as the latest surge in European gas prices added to the region's recession worries and a rebound in U.S. Treasury yields sent the dollar on another tear.

Many currencies were under pressure. The euro's 1.2% drop EUR=EBS took it to its weakest since the end of 2002. Japan's yen JPY=EBS was near 24-year lows again, while Norway's crown tumbled 1.2% as gas workers there went on strike.

Economists said the risks of Europe backsliding into a recession were clearly growing after another big 17% jump in natural gas prices in both Europe and in Britain looked set to push inflation even higher.

Concerns about how the European Central Bank will react were gnawing at sentiment after German Bundesbank chief Joachim Nagel had hit out at the ECB's plans to try and shield highly indebted countries from surging borrowing rates.

"It will continue to be very difficult for the euro to rally in any meaningful way with the energy picture worsening and risks to economic growth increasing notably," said MUFG's head of global markets research Derek Halpenny.

Frontline traders who spoke to Reuters said there had also been a major dollar order in early trading, perhaps as U.S. markets had been closed on Monday for the July 4th holiday.

One said that coupled with the energy price angst it caused a chain reaction, spilling into equity markets and bond markets as then speeding the euro's fall as it broke through its 2017 low of $1.0340.

The heavy volatility also saw the shared currency drop to the lowest against the Swiss franc EURCHF= since the Swiss National Bank abandoned its currency cap in 2015. It fell against sterling too, although the pound's GBP=EBS own economic and political worries had left it below $1.20 again.

Even the Australian dollar stumbled badly despite the country's first back-to-back 50 basis point interest rate hike in recent memory overnight, which also cemented the fastest run up in rates there since 1994.

The Aussie AUD=D3 swooped 1% lower to $0.6787, after trading as high as $0.6895 earlier in the day. It is now down nearly 7% this year.

"We have had so many central banks hiking in these big increments that you are now getting talk of reverse currency wars," said Rabobank FX strategist Jane Foley, referring to where central banks need to hike rates just to stop their currencies from falling.

"It could get concerning" for a number of currencies, she added, especially if the U.S. Federal Reserve pushes ahead with large rate hikes in the coming months as expected.

The dollar's strength, meanwhile, nudged the yen back down toward a 24-year low. It was last at 135.79 per dollar. JPY=EBS

Eastern Europe was also feeling the heat as its countries are some of the most dependent on Russian gas. MSCI's main EM FX index hit its lowest since November 2020 with Euro-linked currencies such as the Hungarian forint HUF= , Polish zloty PLN= and Romanian leu RON= down 1.6-2.3% against the dollar.

"The fear of recession is once again becoming stronger," said Stuart Cole, head macro economist at Equiti Capital.



World FX rates Link
Euro slumps to lowest since 2002  Link
Europe's natural gas imports from Russia Link



Additional reporting by Danilo Masoni in Milan and Sruthi
Shankar; Editing by Jacqueline Wong, Bernadette Baum and Angus
MacSwan

면책조항: XM Group 회사는 체결 전용 서비스와 온라인 거래 플랫폼에 대한 접근을 제공하여, 개인이 웹사이트에서 또는 웹사이트를 통해 이용 가능한 콘텐츠를 보거나 사용할 수 있도록 허용합니다. 이에 대해 변경하거나 확장할 의도는 없습니다. 이러한 접근 및 사용에는 다음 사항이 항상 적용됩니다: (i) 이용 약관, (ii) 위험 경고, (iii) 완전 면책조항. 따라서, 이러한 콘텐츠는 일반적인 정보에 불과합니다. 특히, 온라인 거래 플랫폼의 콘텐츠는 금융 시장에서의 거래에 대한 권유나 제안이 아닙니다. 금융 시장에서의 거래는 자본에 상당한 위험을 수반합니다.

온라인 거래 플랫폼에 공개된 모든 자료는 교육/정보 목적으로만 제공되며, 금융, 투자세 또는 거래 조언 및 권고, 거래 가격 기록, 금융 상품 또는 원치 않는 금융 프로모션의 거래 제안 또는 권유를 포함하지 않으며, 포함해서도 안됩니다.

이 웹사이트에 포함된 모든 의견, 뉴스, 리서치, 분석, 가격, 기타 정보 또는 제3자 사이트에 대한 링크와 같이 XM이 준비하는 콘텐츠 뿐만 아니라, 제3자 콘텐츠는 일반 시장 논평으로서 "현재" 기준으로 제공되며, 투자 조언으로 여겨지지 않습니다. 모든 콘텐츠가 투자 리서치로 해석되는 경우, 투자 리서치의 독립성을 촉진하기 위해 고안된 법적 요건에 따라 콘텐츠가 의도되지 않았으며, 준비되지 않았다는 점을 인지하고 동의해야 합니다. 따라서, 관련 법률 및 규정에 따른 마케팅 커뮤니케이션이라고 간주됩니다. 여기에서 접근할 수 있는 앞서 언급한 정보에 대한 비독립 투자 리서치 및 위험 경고 알림을 읽고, 이해하시기 바랍니다.

우리는 웹사이트에서 최고의 경험을 전해드리기 위해 쿠키를 사용하고 있습니다. 자세히 읽거나 쿠키 설정을 변경하세요.

리스크 경고: 고객님의 자본이 위험에 노출 될 수 있습니다. 레버리지 상품은 모든 분들에게 적합하지 않을수 있습니다. 당사의 리스크 공시를 참고하시기 바랍니다.