Euro hits two-decade low against US Dollar

BTJ Desk Report
Euro hits two-decade low against US Dollar

The euro hit the lowest level against the US dollar in two decades, trading at 0.99 yesterday, media reported.

Earlier, the euro dropped to under parity with the greenback in July beginning and has dropped by close to 12.8% versus the US dollar this year as economies were hit by peak inflation.

The exchange rate has been sliding since May 2021, when it was at 1.22.

The exchange rate was 1.12 when the year started and 1.02 in August beginning.

According to the data from Eurostat, the European Union (EU) statistical office, the yearly inflation stood at 8.9% in July in the euro area compared to 8.6% in June and 8.1% in May.

The euro’s weakness had a spillover effect on other markets as well, with the sterling falling against the greenback to 1.1730 this morning, before gaining some ground to 1.1772, global newswires reported.

Moreover, the British pound is down about 13% against the dollar since the year began.


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