The euro has fallen against the dollar for the first time in 20 years since it was established as a currency.
Yesterday, it rallied against the US dollar amid concerns about the harsh winter in the euro zone.
Today it has fallen even further and many see the dollar as a safe bet in an uncertain era.
The strength of the dollar is also due to the significant increase in Fed policy.
One euro is currently worth $0.99, down more than 10% from the start of 2022.
This is the lowest level since December 2002, just three years after the introduction of the euro.
It has been above the dollar since 1999, except for the early years when it fell to a record low of $0.82 in October 2000.
Americans looking for a trip to see Paris and Barcelona may appreciate their interplay more, but it can also be a drawback for the United States.
Although American companies are proportionally more expensive, it can be difficult to sell products abroad, but there are benefits for European companies that export products to the United States.
However, some consumers may welcome the opportunity to buy cheap imports.
For Europeans, imported oil is priced in dollars, so a weaker euro may exacerbate fuel supply difficulties.
Meanwhile, inflation in the United States reached 9.1%, the highest in 40 years, due to rising fuel costs, rising food and rent, and rising car prices. and hotel rooms.
Annual inflation rates in 19 eurozone countries are also high, reaching 8.6% in June and exceeding the 8.1% registered in May.
Inflation is currently at its highest level since the euro began setting records in 1997.
Last month, Russia shut down up to 40% of the Nord Stream 1 pipeline that carries Russian gas to Germany.
Germany’s economics minister Robert Habeck said: “It wouldn’t be surprising if we were able to reveal the technical details based on the patterns we saw and say: ‘I can’t turn it on anymore.'” He said. ‘
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Source: Metro
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