---
symbol: "EUR"
name: "Euro"
date: 2026-09-23
change_pct: -0.5152838427947612
direction: "down"
event_type: "geopolitical"
url: "https://perplo.app/why/EUR/2026-09-23"
updated_at: 2026-09-23T23:06:26.065Z
---

# Why Euro (EUR) fell 0.52% on September 23, 2026

Euro (EUR) fell 0.52% on September 23, 2026 — Russia gas cuts deepen Europe energy uncertainty.

## What happened

The euro fell 0.5% after Russia trimmed gas output and LNG export forecasts as Europe nears the end of Russian gas purchases — a fresh geopolitical energy shock to the eurozone's growth prospects.

## Why it moved

Russian gas cuts directly threaten Europe's energy security and economic stability, worsening the medium-term growth and inflation outlook; a weaker growth forecast typically prompts lower ECB rate expectations and…

## Why it matters

The euro is under pressure within the Dollar Regime supercycle, where the Fed's restrictive stance and elevated US yields dominate global flows — Europe's energy crisis and softer growth prospects widen the rate…

## What would break the thesis

If Europe secures reliable replacement supply (LNG deals, renewables acceleration) and gas prices stabilize, growth headwinds ease and ECB policy can remain firmer; also monitor US-Iran diplomacy — any easing of Middle…

## Sources

- [Russia trims gas output and LNG export forecasts as EU nears end of Russian gas purchases](https://investinglive.com/commodities/russia-trims-gas-output-and-lng-export-forecasts-as-eu-nears-end-of-russian-gas-purchases/) — ForexLive
- [US dollar rises as Treasury yields climb and Fed hike odds increase](https://investinglive.com/technical-analysis/us-dollar-rises-as-treasury-yields-climb-and-fed-hike-odds-increase/) — ForexLive
- [EUR/USD approaches the key 1.1400 support with Flash PMIs and US-Iran talks in focus](https://investinglive.com/forex/eur-usd-approaches-the-key-1-1400-support-with-flash-pmis-and-us-iran-talks-in-focus/) — ForexLive

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