The euro is falling to a new two-decade low as concerns about the prospects for the European economy intensify.
The euro was found to be losing 1% at 0.9938, below its previous 2022 low of 0.9952. This is the lowest level since 2002, just a few years after the creation of the single currency.
Europe’s economy is facing an unprecedented rally in energy and food prices due to the war in Ukraine, with analysts predicting that the Eurozone will not be able to avoid recession. Eurozone GDP in the second quarter rose 0.6% from the previous quarter, but analysts warned of the risk that the rally in energy prices, which intensified further in the summer months, could derail economic growth. In July, Eurozone annual inflation soared to a new record high of 8.9% from 8.6% in June and 2.2% in July 2021.
Source: Capital
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