News from the weekend
Chinese state oil and gas company Sinopec has withdrawn a $500 million investment from Russia
- should be for a new gas chemical plant in Russia
China has backed Russia’s invasion, but the prospect of economic damage appears to be prompting a change of heart. Firms like Sinopec will abide by the Chinese Communist Party’s foreign policy. Sinopec executives will have received instructions from the CCP on this. Of all the “turning points” touted in Russia’s war against Ukraine, the withdrawal of support from China will be a significant one.
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Sinopec is Asia’s largest oil refinery
eur EUR The euro (EUR) is the official currency of the European Union (EU) and 19 of the 27 member states at the time of writing. It is the world’s second most traded currency in foreign exchange markets after the US dollar. The euro was originally introduced on January 1, 1999, replacing the European currency unit. Banknotes and physical euro coins were not put into circulation until 2002. After its introduction, the euro replaced national currencies in the participating EU member states. The increase in its value since then and its importance in the world market have helped solidify its status as one of the most important currencies in today’s foreign exchange market. Along with the USD, the currency pair is certainly one of the most important for the forex market exposure in the two major economic blocs. What factors affect the EUR? There are several factors that affect the euro. Like most currencies, monetary policy is the most influential, in this case referring to the European Central Bank (ECB). The ECB is responsible for regulating monetary policy, the money supply, interest rates and the relative strength of the euro. Euro currency traders are routinely tuned in to any ECB decision or announcement for this reason. With 19 sovereign member states, the euro is particularly vulnerable to political developments. Recent examples include the Greek debt crisis and Brexit, which could seriously affect the euro. Finally, economic data from the EU or from important member states such as Germany, France, Spain and others are also closely monitored. These include retail sales, unemployment claims, gross domestic product (GDP) and others. The Euro (EUR) is the official currency of the European Union (EU) and 19 out of 27 member states at the time of writing. It is the world’s second most traded currency in foreign exchange markets after the US dollar. The euro was originally introduced on January 1, 1999, replacing the European currency unit. Banknotes and physical euro coins were not put into circulation until 2002. After its introduction, the euro replaced national currencies in the participating EU member states. The increase in its value since then and its importance in the world market have helped solidify its status as one of the most important currencies in today’s foreign exchange market. Along with the USD, the currency pair is certainly one of the most important for the forex market exposure in the two major economic blocs. What factors affect the EUR? There are several factors that affect the euro. Like most currencies, monetary policy is the most influential, in this case referring to the European Central Bank (ECB). The ECB is responsible for regulating monetary policy, the money supply, interest rates and the relative strength of the euro. Euro currency traders are routinely tuned in to any ECB decision or announcement for this reason. With 19 sovereign member states, the euro is particularly vulnerable to political developments. Recent examples include the Greek debt crisis and Brexit, which could seriously affect the euro. Finally, economic data from the EU or from important member states such as Germany, France, Spain and others are also closely monitored. These include retail sales, unemployment claims, gross domestic product (GDP) and others. Read this term
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