Euro Tumbles to 20-Year Low Against U.S. Dollar, Almost Achieving Parity

By Kurt Stolz on 5 July 2022
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The euro, the official currency of 19 of the 27 member states of the European Union, fell to a 20-year low in trading on Tuesday amidst fears of inflation and a possible recession.

Safe-haven demands brought the dollar on Tuesday to levels last seen in 2002.  It stood close to parity at $1.027 at the close of trading.

The 19 states EU nations that use the euro as their national currency – Croatia is expected to become the 20th on January 1, 2023 – are Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.

The Japanese yen was near 24-year lows again, the Canadian dollar fell to almost 19-month lows, and Norway’s crown fell more than 2% as gas workers went on strike there.

Meanwhile Brent crude oil fell more than 9% on Tuesday, to $103 per barrel, its biggest daily decline since March.

(Photo: Accura Media Group)

Accura News

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