Euro falls to its lowest in two decades as fears of recession mount
By Shubhangi Mathur
Published - Jul 06, 2022, 05:08 AM ET
Last Updated - Jul 18, 2023, 04:50 PM EDT
• The euro declined around 1.5% to hit $1.0265 against the dollar
The euro fell to its lowest in two decades on Tuesday amid fears of recession in the euro zone and soaring gas prices.
The euro declined around 1.5% to hit $1.0265 against the dollar on Tuesday.
Inflation in the euro zone reached a new record high of 8.6% in June, after which the European Central Bank warned of increase in interest rates for the first time in 11 years at its July meeting.
Soaring gas prices in Europe have added pressure to the already-stressed economy. The Dutch TTF hub, a European benchmark for natural gas trading, was last seen trading up 7.8% to hit 175.5 euros, or $180.8, per megawatt-hour.
Picture Credits: Getty Images
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