Euro falls to parity with the dollar
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Sanctions on Russia cause the Euro to fall to its lowest since December 2002 while the ruble is on a roll.
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Euro falls to parity with the dollar
Trading data reported on Tuesday morning that the euro fell to parity with the dollar, before settling at $1.0005, the lowest point ever recorded since December 2002.
Since the start of this year, the euro recorded a loss of 12% of its value against the dollar. Markets did not anticipate such a rapid fall in July, labeling the direction of EU/USD as bearish and predicting it could fall below the 1.0000 mark in the near term.
The ruble is inversely showing signs of bull flags as Russia’s foreign trade surplus is rising on a vast scale due to energy exports.
Read more: Russian trade surplus up 162% Y/Y to $158.4Bln in 2022: Central Bank
In June alone, Russia's balance of payments surpluses increased from $14 billion in May to $28 billion, which contributed to the ruble earning the title of best performer among emerging market currencies - all this despite heavy losses experienced in the import and export sectors.
As of 11:00 AM (GMT), the euro rate against the dollar is exactly 1 USD.
