Euro hits 20-year low against dollar

It fell 0.70 percent to $0.9884
Euro hits 20-year low against dollar

The euro fell below $ 0.99 on Monday as a result of the uncertainty surrounding the prospects for the European economy following the announcement by the Russian Gazprom Group on Friday to completely halt gas supplies through the Nord Stream 1 pipeline.

According to Reuters, the euro fell 0.70 percent to $0.9884 on Monday, its lowest level since December 2002, continuing its downward trend against the US currency since the beginning of the year.

Last August, AFP reported that the euro fell to its lowest level against the dollar since it began trading in 2002, as a result of the energy crisis, which threatens a European recession.

The dollar benefited from successive US Federal Reserve rate hikes, while the euro lost 0.84 percent of its value, falling to its lowest level since 2002 by $0.9951.

Gas prices rose further as new disruptions in Russian gas supplies via the “Nord Stream 1” pipeline fueled fears of a worsening of Europe’s energy crisis.

The stories on our website are intended for informational purposes only. Those with finance, investment, tax or legal content are not to be taken as financial advice or recommendation. Refer to our full disclaimer policy here.