The euro fell below 99 cents for the first time in twenty years, and European gas prices rose after Russia announced that its main pipeline to Europe would remain closed. The announcement fueled worries of a European recession, with sky-high energy prices hurting firms and people.
A public holiday in the United States indicates less liquidity, which might lead to large market swings. Liz Truss was appointed Britain’s next prime minister, assuming office at a time when the country is dealing with a cost-of-living problem, industrial discontent, and a recession.
The pound fell roughly 0.2% to $1.1495, but remained unchanged versus the euro at 86.27 pence. The US dollar index was stable, while the risky Australian dollar was approaching a seven-week low.