JP Morgan Bank: Euro could fall to 95 cents against dollar if gas crisis persists

The energy crisis across the continent will keep the euro trading around 0.85 pence against sterling, said Sam Zief, head of global foreign exchange strategy at JPMorgan Private Bank.

The euro risks falling to 95 US cents by the end of December and sterling could fall to $1.14, its lowest in more than two years, if a gas supply crisis this winter continues to weigh on economies, according to JP Morgan Private Bank.

Already down 12% against the dollar so far this year, sterling is starting to reflect concerns that higher gas prices will fan inflation as economic growth contracts, said Sam Zief, head of global foreign exchange strategy at JPMorgan Private Bank.