The Euro And The Dollar Are Under Half A Penny Away From Parity For The First Time In 20 Years

The Euro And The Dollar Are Under Half A Penny Away From Parity For The First Time In 20 Years

As a result, the euro’s value against the dollar’s value is practically equal for the first time in 20 years — the two currencies are less than one cent apart.

On Monday afternoon, the euro was trading at $1.004, down almost 12 percent since the beginning of the year. High inflation and energy supply uncertainties after Russia’s invasion of Ukraine have fuelled fears of a recession on the continent.

The Euro And The Dollar Are Under Half A Penny Away From Parity For The First Time In 20 Years


Russia supplied 40% of European Union gas before the conflict, and the EU is now trying to lessen its dependency on Russian oil and gas. A 60 percent reduction in flow via the Nord Stream pipe from Russia to Germany was announced only a few weeks ago.
As a result of the previous ten days of planned maintenance, this vital piece of European gas import infrastructure has been shut down. They worry that it will never be switched on again.
The European Central Bank’s ability to control inflation has been questioned because of the economic downturn and the oil crisis. For the first time since 2011, the European Central Bank (ECB) has stated that it plans to raise interest rates this month.

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The ECB, on the other hand, has been accused of being far behind the curve and of causing a harsh landing. Fuel costs and overall supply chain disruption dramatically boosted the price of imports last week, causing Germany to report its first goods trade deficit since 1991.

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