In July, the dollar and the euro tied for the first time in 20 years. The European currency continues to decline.
The euro fell again against the dollar – this happened only for the second time since 2002, the Financial Times wrote on Monday, August 22.
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Thus, the euro fell by 0.4% to $0.99.
Because of this, the shares of the European index are also falling. Thus, the Stoxx 600 index lost 1.2%, while the German Dax fell 1.7%.
The fall occurred against the backdrop of an increase in the price of base capacity in Germany, whose figure is considered the benchmark, to a record 603 euros per MWh.
European investors, according to the FT, are worried about the rapid increase in energy prices, which will lead to a decrease in business activity in Europe.
“Governments are starting to share higher energy costs with consumers and businesses have to start slowing down production. At the same time, logistics lines are suffering from a lack of transport capacity in low conditions of water in the Rhine River,” said Jordan Rochester of Japanese bank Nomura.
Earlier in July, the dollar and euro tied for the first time in 20 years.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.