Euro has once again fallen in price, strengthening the possibility of its liquidation or transformation in the future, when the European Union are no longer unified.
The decline in quotes was driven by the unprecedented economic crisis in Europe, which was further aggravated by the conflict in Ukraine. The coronavirus pandemic has also escalated problems, pushing the European economy to the brink of probably the strongest economic downturn.
ECB officials also realized that a strong increase in interest rates will help fight inflation, however, doing such could ruin the economy. It could also result to the collapse of relationship between eurozone countries, which may cause a division in the region.
The same thing will happen if the conflict in Ukraine does not end well. The outcome will be decisive on the existence of a united Europe and a single currency. It seems that markets are already aware of this, which is why demand for euro is declining.
Forecasts for today:
EUR/USD
The pair found support at 0.9900 and may try to recover to 1.0030. From there it may turn down again to 0.9900, especially if indicators signal an impending recession in Europe.
Oil
Quotes are rising, thanks to the OPEC's decision not to increase its production. Most likely, after rising above 94.15, oil will hit $ 100 per barrel.