The euro slips to a 20-year low against the dollar as recession fears mount
A euro currency symbol is on display in the visitor center of the European Central Bank (ECB) building in Frankfurt.
Alexander Kraus Bloomberg | Getty Images
The euro fell to its lowest level in two decades on Tuesday, falling over 1% to $1.0305.
Fears of a eurozone recession are mounting, gas prices are rising and the war in Ukraine shows no signs of abating.
Euro-zone inflation hit a record 8.6% in June, prompting the ECB to advance markets’ intention to raise interest rates for the first time in 11 years at its July meeting.
However, growing recession fears could limit the central bank’s ability to tighten monetary policy. The July Sentix economic index showed on Monday that investor sentiment in the 19-nation euro zone fell to its lowest level since May 2020, signaling an “inevitable” recession.
Year-to-date, the euro has lost over 9% against the dollar.
This is an evolving story and will be updated shortly.
https://www.cnbc.com/2022/07/05/euro-slides-to-20-year-low-against-the-dollar-as-recession-fears-build.html The euro slips to a 20-year low against the dollar as recession fears mount
