Europe imports about 40% of its gas supply from Gazprom, the EU chief told CNBC’s Hadley Gamble at the Munich Security Conference, which von der Leyen described as a “dependency that is not sustainable.” European Commission President Ursula Von der Leyen tells CNBC that energy sanctions against Russia remain an option if Russia invades Ukraine.
Asked about the possibility of imposing sanctions on Russian gas giant Gazprom, von der Leyen said on Saturday that “everything is on the table.” She said that she had been successfully reaching out to alternative providers, such as the United States. “We had now, in January, the largest number of energy deliveries [from elsewhere], and now we know that if there is a retaliatory Russian gas decoupling, we can get through this winter without Russian gas, but with supply from others and this is well,” von der Leyen said.
The international commodity market continued to rise during the week. The ounce of gold traded at 1900.0 per ounce, a level that it had not reached since mid-2021. The maximum levels are found between 1916., 1930.0 and 1935.50. Take Profit in gold will not be seen above 1850.0 strategy remains long. Possible sanctions on Russia and energy boycotts would keep the commodity market buy for a while.
EURUSD remains buyer above 1.13 and 1.1290. The preference is buy on these minimums. German production data on Monday could cooperate with correction for the cross (sell). If German production remains higher than the previous month then the euro would respond to the rise to 1.1350 (possible maximum). GBPUSD remains buyer above 1.3580 and 1.3570 up to 1.36 and 1.3640 (highs). Below 1.3570 sell pressure builds up to 1.3555 and 1.3540.
USDJPY remains short below 115.0 through 114.90 and 114.80. Above 115.0 the price could reach 115.30 and 115.30 (highs). USDCAD remains short below 1.2750 and 1.2770. SP500 closed its last day in negative and it is estimated that it may continue its correction next week around 4300. And 4200.
The cryptocurrency market lost market power this week. It remains below bid prices with no institutional levels in sight. For BTC, the next possible buy level would remain at 36,900 and 34,800. ETH continues lower with subsequent levels around 2590.0 and 2550. This week’s inflation data for the US could be foundational for the buy market.