# Big rate hike won't save euro as energy shock deepens

> The euro's slide is deepening because the energy crisis is severe, and more aggressive ECB tightening is expected to do little to stop it. The euro fell below $0.99 for the first time since 2002 after Russia halted gas supplies through the main pipeline to Europe, and the currency is down 13% in 2022.

- Date: 2022-09-06 · published 2022-09-06T12:00:00.000Z
- Category: geopolitics · region Europe · magnitude medium
- Page: https://feedsoft.ai/events/39801-big-rate-hike-won-t-save-euro-as-energy-shock-deepens
- Commodities: [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

A weaker euro makes imports more expensive and can add to food and feed inflation in Europe. Russian gas cuts also raise European energy costs, which can reduce crushing and processing margins.

## Read by commodity

- EURUSD: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2026-03-04 | [Dollar firms, euro stumbles as energy prices surge \| MarketScreener](https://feedsoft.ai/events/11005-dollar-firms-euro-stumbles-as-energy-prices-surge-marketscreener.md) | +0.4% | -0.7% |
| EURUSD | 2022-04-27 | [Euro slides to five-year low on Russian energy supply, slowdown fears](https://feedsoft.ai/events/8287-euro-slides-to-five-year-low-on-russian-energy-supply-slowdown-fears.md) | -1.2% | +0.8% |
| EURUSD | 2022-04-28 | [New 5-year Lows for EUR/USD Rate, More Losses on Energy Risks Possible says MUFG](https://feedsoft.ai/events/8289-new-5-year-lows-for-eur-usd-rate-more-losses-on-energy-risks-possible-says-mufg.md) | -0.1% | +1.0% |
| EURUSD | 2022-03-07 | [Euro slides as war in Ukraine stokes fears of inflationary shock](https://feedsoft.ai/events/8258-euro-slides-as-war-in-ukraine-stokes-fears-of-inflationary-shock.md) | +0.2% | +1.2% |
| EURUSD | 2022-03-04 | [U.S. Dollar Index soars to highest since 2020, while euro is under pressure as Russia-Ukraine conflict deepens - MarketWatch](https://feedsoft.ai/events/12078-u-s-dollar-index-soars-to-highest-since-2020-while-euro-is-under-pressure-as.md) | -0.4% | +0.4% |

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/big-rate-hike-wont-save-euro-energy-shock-deepens-2022-09-06/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.