Euro strikes parity with the dollar for the first time in nearly 20 years before rising slightly as uncertainty over Russian gas supplies to Europe heightens fears of a recession in the eurozone
The euro has struck parity with the dollar for the first time in nearly 20 years before rising slightly as a cut in Russian gas supplies to Europe heightened rears of a recession in the eurozone.
Mizuho analysts said the move towards parity was happening as "recession in the euro zone is priced in", and said the backdrop suggested little to improve risk sentiment. The European single currency is under pressure from the Federal Reserve hiking US interest rates more aggressively than the European Central Bank.The last time the euro was below $1 was on July 15, 2002.Sanctions on oil imports from Russia and the possibility of Moscow's shutting off gas to Europe have led analysts to predict the eurozone will fall into recession, and pushed the euro to a 20-year low and close to parity with the greenback.
Also high on investors' list of worries is the fact that a growing number of Chinese cities, including the commercial hub Shanghai, are adopting fresh Covid-19 curbs from this week to rein in new infections after finding a highly transmissible Omicron subvariant.
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