The Norwegian government yesterday intervened to end a strike in the petroleum sector that had cut oil and gas output, ending a stalemate that could have worsened Europe's energy supply crunch.
"It is not only the threat of non-delivery that is weighing on the euro," Moritz Paysen, forex and rates adviser at Berenberg, said. The divergence between central banks' tightening cycles across the Atlantic remained in investors' focus. They reckon the forex market will consolidate the current levels today ahead of Federal Open Market Committee minutes from its June meeting, due later today.
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