EUR/USD extends to fresh 20-year lows below 1.0200 ahead of FOMC minutes

Europe’s energy crisis takes center stage as prices soar, as countries like Germany and France scramble to ease the burden.The shared currency continued its collapse against the greenback, courtesy of recession fears inarea, amidst an energy crisis that, if it aggravates, might cause a long-lasting economic contraction, as Russia threatens to halt natural gas flows to the bloc. At the time of writing, the EUR/USD s trading at fresh 20-year lows at 1.0175.

Alongside the previously mentioned factors weighing on the EUR/USD, China’s authorities reported that Shanghai recorded more than 100 positive cases, re-igniting fears of additional lockdowns. In the meantime, the European energy crisis aggravates as power prices skyrocket, courtesy of Russia’s tightening squeeze on energy supplies.said that the current situation in Germany could result in a recession, according to Reuters.

All the above-mentioned took their toll on the euro. EUR/USD Wednesday’s price action shows the major opening near the daily highs around 1.0264 and seesawed throughout the Asian session. When European traders arrived at their desks, the pair began nosediving and reached a fresh 20-year low at 1.0161.

In the week ahead, the EU economic docket will feature the German Industrial Production and ECB speaking led by ECB’s Philip Lane and Enria. Across the pond,

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