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On December 17th, Hungarian Minister of Foreign Affairs and Trade, Péter Szijjártó, announced in Budapest on the 16th that Hungarian Electricity Company (EDC) and the US-based Chevron Corporation had signed a five-year agreement for the purchase of 2 billion cubic meters of liquefied natural gas (LNG). Szijjártó made the announcement at a joint press conference with US Deputy Secretary of Energy James Danley. Szijjártó stated that under the agreement, Chevron will supply EDC with 400 million cubic meters of LNG annually. This marks the first time US LNG has been included in Hungarys energy supply structure. Szijjártó also mentioned that Hungary has signed a contract with Westinghouse Electric Corporation for the supply of nuclear fuel for the Pákš nuclear power plant, scheduled to commence operations between 2028 and 2029. The two sides also reached an agreement on using US technology to construct small modular reactors in Hungary.New York State has sued the Trump administration for obstructing funding for electric vehicle infrastructure.On December 17th, local time, after two months of parliamentary debate, the French National Assembly narrowly passed the 2026 social security budget. The text will now be submitted to the French Constitutional Council for review before being published and taking effect. The social security budget is a crucial component of the French national budget, primarily addressing issues such as healthcare, pensions, and family allowances, and is of great public concern.The Federal Reserve accepted a total of $1.554 billion from two counterparties in its fixed-rate reverse repurchase operations.U.S. stocks continued their decline, with the S&P 500 down 0.7%, the Nasdaq down 0.4%, and the Dow Jones down 0.9%.

A decrease in the EUR/JPY exchange rate is about to occur as recession fears grow. It is now over 138.00

Alina Haynes

Jul 07, 2022 14:43

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The EUR/JPY currency pair is doing poorly during the Tokyo session. The cross is bouncing around a narrow range of 138.26-138.60 after recovering from its low of 137.27 on Wednesday. Generally speaking, bears are in charge of the asset. The pair has fallen during the last week as a result of failing to overcome the 144.00 resistance level, which has been a barrier for four weeks.

 

The chance of a recession in the eurozone has significantly increased as a result of the Bank of England's (BOE) negative assessment of the global economy. The BOE believes that price volatility in raw materials and energy might lead to economic disruptions in the future. The negative outlook of a Western central bank is fundamentally harmful to the FX market. The shocks to the economy would undoubtedly harm the eurozone as well because it forbids the import of Russian oil.

 

Along with fears of a recession, the common currency's bulls are also plagued by disputes over gas supplies between the economies of Europe and the United Kingdom. The British government has said that it would stop exporting gas to Europe if shortages develop there in the upcoming months.

 

The underperformance of the wage-price notion in Tokyo worries the Bank of Japan (BOJ). In order to keep inflation rates close to target levels, according to the BOJ, pay increases are required. If not, families would face greater price pressures, which would result in a decrease in the overall volume of demand.


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