Russian President Putin: We can launch Nord Stream 2 gas pipeline if necessary

Dhwani Mehta FXStreet

Russian President Vladimir Putin said on Wednesday that “Nord stream 1 is practically shut down,” adding that “we can launch Nord Stream 2 gas pipeline if necessary.”

Additional comments

“Proposed caps on Russian gas prices are stupid, will lead to price increases.”

“Gazprom is interested in long-term gas sales contracts.”

“The last operational Nord Stream 1 turbine is out of order.”

“We will resume Nord Stream 1 flows if they return the turbine.”

“We are working on the construction of new pipelines to transport gas, some of which pass through Mongolia to China.”

Meanwhile, German Chancellor Olaf Scholz was reported, as saying that “Russia doesn't want to deliver gas, the leak is just an excuse.”

He added that “the winter will be challenging but we will manage to get through it.”

The Financial Times (FT) is carrying a story, citing that the European Union (EU) is planning a €200/MWh price cap on non-gas generated electricity.

Market reaction

EUR/USD Is holding the recovery gains above 0.9900, trading at 0.9915, up 0.16% on the day, at the time of writing.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

GBP/USD defends 1.3300 after strong UK PMI data

Following Thursday's sharp decline, GBP/USD clings to small gains above 1.3300 in the American session on Friday, supported by the upbeat UK Retail Sales and July PMI data. Nevertheless, the pair's upside remains capped as investors cling to a cautious stance amid a further escalation of tensions in the Middle East. The US July PMI data failed to trigger relevant price action.

EUR/USD remains below 1.1400 after mixed US PMIs

EUR/USD pressures daily lows below the 1.1400 mark in the American session on Friday. Mixed S&P Global PMIs, as manufacturing output contracted while services activity expanded in July, triggered no relevant market reaction. The focus remains in Middle East developments and inflation-related concerns.

Gold holds above $4,050 but momentum still missing

Gold builds on its modest intraday bounce and climbs above the $4,050 level on Friday, hitting a fresh daily high amid a modest US Dollar pullback. The fundamental backdrop, however, warrants some caution before confirming that the pullback from an over two-week high, touched on Wednesday, has run its course and positioning for any meaningful upside.

Ethereum: Derivatives interest in ETH improves, but signs of caution remain

Ethereum is hovering slightly below the $1,900 level, down 3% on Thursday following a slight expansion in derivatives interest. The top altcoin's open interest has increased to 14.60 million ETH, marking a 600K ETH increase over the past two days and its highest level since June 7.

XRP retreats as ETF interest cools

Ripple (XRP) slides toward the short-term $1.10 support on Friday, as broader crypto market sentiment weighs on crypto assets. The sell-off mainly stems from fears of inflation in the United States (US) amid the ongoing war in the Middle East and rising Oil prices.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.