The euro has fallen to a one-to-one dollar exchange rate for the first time since 2002. Reason, among other things: the growing risk of recession in the euro zone.
For the first time in 20 years, the euro has fallen to the level of the dollar. In London, the euro area’s common currency and the US currency reached parity – the first time since 2002, when the common currency became official tender. Analysts explain the development with the growing risk of recession in the euro zone and the interest rate hikes by the US Federal Reserve.
Euro record low at 0.82 dollars
The euro was first introduced as book money in 1999 – the exchange rate against the dollar on January 4, 1999 was 1.18 dollars. In January 2000, the euro fell below par with the dollar, and the record low was reached in October 2002 at $0.8230.
The issuance of the common currency to consumers began on January 1, 2002. At the same time, the economic prospects improved at the same time – the exchange rate rose again to over one euro.
Since then, the euro has been worth more than the dollar. It reached a record high of 1.6038 in July 2008 in the midst of the financial and economic crisis.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
