Gas prices hit seven-year high, GBP/USD falls to nine-month low [Video]
|GBPUSD falls to 10-month low
Currency markets weren’t exempt from today’s volatile trading session, with GBPUSD falling to its lowest level since January.
The move in cable came as Treasury Secretary Janet Yellen confirmed that the economic recovery was slowing down.
Yellen stated that, “While our economy continues to expand and recapture a substantial share of the jobs lost during 2020, significant challenges from the Delta variant continue to suppress the speed of the recovery and present substantial barriers to a vibrant economy”.
Many now wait to see what next week’s Non-farm payrolls report will hold, with some expecting this to show over 500,000 jobs added to the economy.
GBPUSD hit an intraday low of 1.3523, after trading at a high of 1.3717.
Natural Gas prices climb to 7-year high
The energy crisis continued to worsen in today’s trading session, with the price of Natural Gas climbing to its highest level since 2014.
Prices have risen predominantly due to supply constraints caused on both sides of the Atlantic, leading to increased levels of demand.
In the United States, recent Hurricanes meant that several producers in the U.S. The Gulf of Mexico had to halt output, to prevent machinery being adversely damaged.
This led to a slowdown in supply, which still hasn’t fully recovered, whilst the crisis in Europe with Lorry drivers in the UK, also contributing to the inflated prices.
NGAS prices hit an intraday high of $5.06, its highest rate since February 2014, shares in Russian producer Gazprom climbed to 13-year highs.
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