After the official war of Ukraine and Russia, the Eurozone is currently facing a series of economic issues. The European Central Bank member ISABEL Schnabel said on February 24 that the war has a shadow to the EU’s economic prospects.
According to the latest data, the euro against the US dollar fell to the lowest level since June 2020, and the euro fell 1.8% to $ 1.1106 against the US dollar; against the Swiss franc fell to the lowest in nearly seven years, the decrease of 1%. The US dollar has risen sharply. On February 24th, the US dollar index has skyrocketed, and the new high in a year and a half, and the single day increased by 0.89%.
The performance of the renminbi in this round of market turmoil is surprising. On February 24th, the US dollar in the offshore market fell to 6.3016, it was founded in nearly 4 years, and the US dollar index has risen sharply, the US dollar is only 0.07% of the RMB 24, and the 6.3163 is still in history. On February 24th, the RMB rose 0.76% against the euro. The euro has reached 7.0281 in the euro to the RMB, and it is a new low since 2016. As of press time, the euro exchange rate of RMB 7.0575
According to data from the EU oil bulletin released this Thursday, the average price per rising gasoline in Spain this week was 1.591 euros, up 1% in 7 days, while diesel price was 1.479 euros (rising 1.2%). Oil prices have been constantly refreshing for four consecutive weeks. The price has risen by more than 30% in 2022. This trend may continue if oil prices in international markets continue to rise. On Thursday, Ukrainian conflict has increased Brent crude oil prices to more than $ more than $ 100.
Spain’s oil prices is lower than the average of the Eurozone. At present, the average price of a liter of gasoline in the euro zone is 1.788 euros, and the diesel price is 1.643 euros. The Netherlands is the highest, and gasoline is 2.05 euros per liter, followed by 1.91 euros in Denmark. On the other hand, the cheapest oil price is Bulgaria, which is 1.28 euros, Malta 1.34 euros.
According to the latest prediction, the inflation rate in the Eurozone in 2022 will be closed at 6.5%, which is much higher than the average inflation rate of 3.5% in 2021, which is nearly two points higher than the predicted value before U.S. Oxford Economic Research Institute experts predict that the GDP growth in the Eurozone in 2022 will decrease by 0.3% -0.5%.