Eurozone inflation risks skewed to upside on energy shock, Nordea says

FXStreet·9 Jul 2026·Read original

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Macro Commodity Geopolitics BRENT ▲EURUSD.FOREX ▲

Summary · why it matters

Eurozone inflation risks remain skewed to the upside due to a persistent energy shock linked to Middle East tensions, according to Nordea's Jan von Gerich. The energy shock keeps pressure on the European Central Bank.

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▲ PositiveGeopoliticsrelevance

Middle East tensions causing persistent energy shock, boosting oil prices.

💱Euro/US Dollar FX Spot Rate

EURUSD

▲ PositiveMonetaryrelevance

Energy shock keeps inflation upside risk, pressuring ECB to maintain or tighten policy, which supports EUR.

Eurozone inflation risks skewed to upside on energy shock, Nordea says

Impact on assets 2

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