Euro falls below dollar parity, hitting new 20-year low on recession fears – The National
- Date: 23-Aug-2022
- Source: The National
- Sector:Financial Markets
- Country:UAE
Euro falls below dollar parity, hitting new 20-year low on recession fears – The National
The euro continued to trade below parity with the US dollar on Tuesday hitting its lowest level in 20 years overnight after fluctuating yesterday amid growing fears over a recession.
The single currency, which came into physical circulation in 2002, fell to 0.9939, about 10 per cent at 8.52am on Tuesday.
"Increasing risks to the supply of natural gas from Russia to Europe are darkening the economic outlook," said Emirates NBD economists Edward Bell and Daniel Richards.
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