The euro traded below the $1.11 mark on Friday ahead of a flood of key economic data. In the evening, the common currency cost $ 1.1042, 0.2 percent less than the previous day. In the euro zone, the focus was on inflation figures for the entire currency area. Rising energy prices drove the inflation rate above the seven percent mark. This is putting pressure on Europe’s currency watchdogs to initiate a turnaround in interest rates after years of flooding with cheap money. Labor market data was released in the US. In March, 431,000 new jobs were created there. The economists had counted on 490,000. However, job creation was corrected significantly upwards in February.
The slide in oil prices accelerated ahead of the extraordinary meeting of the International Energy Agency (IEA). The North Sea variety Brent was temporarily traded 2.3 percent lower at $ 102.35 per barrel. Since last Friday, prices have slipped by around 14 percent. The development on the gas market was also observed with concern. Most recently, Russian President Vladimir Putin confirmed that from April 1 foreign companies would have to pay for gas deliveries in rubles. However, buyers such as Germany, France, Great Britain and Italy do not want to get involved. The European natural gas contract went on a rollercoaster ride. After an increase of 9.1 percent, the price was around ten percent down in the evening.
On the metal exchanges, copper fell by one percent to $10,270 per ton due to speculation that China would lose its appetite for raw materials. The weak Chinese economic data for March and a corona lockdown in Shanghai made investors pessimistic, analysts said.