(Finance) – The euro this morning slipped to its lowest in 20 years against the dollar, falling below the 0.99 level. The cross thus touches an all-time low.
The energy emergency in Europe weighs on the Eurozone currency after Gazprom announced on Friday that the Nord Stream gas pipeline had been stopped “completely stopped” after finding an oil leak from a turbine. News that has increasingly raised the prospect of a widespread energy shortage in Europe, increasing the nervousness for fears of recession.
Thus the brief rise recorded in the last octave fades as the euro regained parity against the dollar, supported by market expectations of a maxi-rate hike of 75 points base by the ECB, at its meeting scheduled for this week, Thursday, September 8, and, from a US labor market report that warned the Fed that the pressures could be eased.