According to The Wall Street Journal, Russia has indicated that the shutdown of the Nord Stream 1 pipeline will be long lasting.
European leaders are pushing plans to conserve energy use and exploring ideas related to energy price caps. France’s President Macron is urging a 10% cut in energy use, according to AP.
Liz Truss, who will replace Boris Johnson as UK Prime Minister, is expected to unveil a GBP130 bln fiscal plan to help households offset the rising cost of energy, according to Bloomberg.
A focal point this week will be the ECB meeting on Thursday and whether the central bank raises its key policy rate by 50 basis points or 75 basis points. EUR/USD +0.1% to 0.9930.
Germany’s July Factory Orders -1.1% month-over-month (expected -0.5%; last -0.3%)
UK’s August Construction PMI 49.2 (expected 48.0; last 48.9)