Euro reaches parity with the dollar

Abigail Adcox

July 12, 08:10 AM July 12, 08:10 AM

For the to start with time in 20 several years, the trade charge among the euro and the U.S. dollar is the identical.

The euro has lost far more than 10% of its value against the greenback because the commencing of the calendar year, and it fell to $1 on Tuesday. Europe is grappling with higher inflation and an uncertain strength source amid Russia's invasion of Ukraine, which could spell more declines for the European forex.

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The very last time the two currencies attained parity was in 2002, when the euro was only circulated by 12 member states in the European Union.

New financial struggles have raised concerns that the area will plunge into a economic downturn. The EU acquired about 40% of its gas by way of Russian pipelines in advance of the start off of the war in Ukraine in late February and has considering that sought to sever its dependence on Russian oil and fuel.

Russia has also dwindled gas supplies to quite a few EU nations as it faces mounting sanctions, together with cutting the movement from the Nord Stream 1 pipeline to Germany by 60%, fanning fears that a scheduled momentary outage could conclusion up turning into everlasting.