Recession fears are pushing currency lower as continent faces surging energy costs amid a standoff with Russia.
. The European currency is down 19% from this time last year, and has fallen precipitously from its 2008 peak, when it was worth $1.60.
"Today what we're seeing is that a dollar can buy more euros than it has been able to essentially since the euro launched," Hayley Berg, lead economist at travel booking app Hopper, told the Associated Press. The euro was launched on January 1, 1999, when it was worth $1.19, but then began a long slide, falling through the $1 mark in February 2000 and hitting a record low of 82.30 cents in October 2000. The European currency rose above parity in 2002 as large trade deficits and accounting scandals on Wall Street weighed on the dollar.Recession fears weigh on eurozone
Recession fears are pushing the euro lower as the continent faces surging energy costs amid a standoff with Russia over its natural gas supply. Disruptions in supply chains from"The eurozone is going into recession. The fall in the euro is a natural consequence and should be welcomed," Robin Brooks, chief economist at the Institute for International Finance,Amid market turbulence, the U.S. dollar has gained ground on many foreign currencies this year, with investors piling into the U.
The fall is good news for U.S. importers, who will find goods purchased from Europe to be relatively cheaper, as well as for
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