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EUR

EUR crosses knee-jerked higher as the German News Agency (dpa) tweeted that "gas deliveries have resumed via the German-Russian Nord Stream 1 pipeline after maintenance work," citing a spokesman for the company.

  • While this alleviates concerns about a scenario in which Russia would not keep the taps off, we still lack clarity on the volume of physical deliveries. Head of the German network regulator said that gas nominations for the pipeline remained at 30% of capacity. Elsewhere, Bloomberg cited Nord Stream as noting that the resumption of gas flows will be gradual. Physical flow data are expected after the turn of the hour.
  • EUR/USD topped out at $1.0225 and eased off to last deal at $1.0216, up 36 pips on the day. Next resistance is at $1.0273, yesterday's high. Bears keep an eye on Jul 14 low of $0.9952.

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