The dollar exchange rate against the euro has renewed its maximum for 15 months against the background of the aggravation of the global energy crisis.

A real bacchanalia is taking place on the European gas market. On Wednesday, the price of futures on the ICE Futures exchange reached $ 1950 per thousand cubic meters. Immediately after that, quotes fell sharply to $ 1,700, but then returned to growth.

Gas prices in Europe jumped 40% in two days due to panic over supply shortages amid a cold snap forecast. The EU promises to take action in response to the record rally, writes ProFinance.

The dollar rallied on Wednesday amid nervousness that rising energy prices could spur inflation and interest rates, as well as lead to a reduction in anti-crisis stimulus measures. Equity markets went down, which even partially affected oil prices.

The key factor for the dollar will be Friday's non-farm jobs report, which will indicate the Fed's intention to begin phasing out asset purchases in November, Commerzbank said.

Fed chief Jerome Powell said at the last Fed meeting that September employment data would be enough to be "pretty good."

“Oil and gas prices are unstable. The futures markets clearly indicate expectations of a sharp decline in the coming quarters. The almost vertical rise in gas and coal quotations, and recently in oil prices, can hardly be considered sustainable. Such aerobatics are more likely to end with a dive than further growth, ”the Gravity Plus team of analysts notes.

With such a sharp jump in prices as it is now, investors and traders should be prepared for verbal intervention from the countries that buy oil. It is possible that the United States, China or India will try to stabilize the situation in their markets, FxPro said.

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