The euro plummeted against the pound and the dollar following reports of problems with another pipeline that provides Russian gas to the EU.
Gazprom, the Russian energy giant, warned that it will cut flows through the Nord Stream 1 pipeline to just 20% capacity due to technical issues. EU members have now agreed to voluntarily reduce 15% of their gas use between August and March to store gas ahead of winter and to protect themselves against Russia’s “continuous use of energy supplies as a weapon”.
German GfK Consumer Confidence fell to a new record low in August as mounting recession fears and gas worries push prices up higher.
