Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Palestinian Ministry of Health: Two were martyred in Israeli shelling that targeted a besieged house in the town of Qabatiya in Jenin
At least 68 dead in migrant shipwreck off Yemen: IOM
Trump: We want to feed the people in Gaza, we do not want them to starve.
US President Donald Trump: We will impose sanctions on Russia if it does not end the war on Ukraine.
Israeli media: Polls show that 52% oppose Prime Minister Benjamin Netanyahu while only 29% support him.
Israeli media: 32% of Americans still support "Israel's" war on Hamas, while 60% oppose it.
Israeli media: Core US support for "Israel" hits its lowest, while support for Palestine reaches its highest levels.
Al Mayadeen's correspondent reports martyrs, injuries in Israeli bombardment of home in Heker al-Jame area in Deir al-Balah, central Gaza.
Al-Quds Governorate: Today, the spatial division of Al-Aqsa Mosque began in a public and dangerous manner, and we warn of a religious war in the region
The Ministry of Health in Gaza: This brings the total number of victims of famine and malnutrition to 175, including 93 children

Euro falls to under $1 for first time since 2002

  • By Al Mayadeen English
  • Source: Agencies
  • 13 Jul 2022 18:53
3 Min Read

Amid the EU sanctions policy against Russia, the Eurozone continues to suffer economically.

  • x
  • Euro falls to under $1 for first time since 2002
    The euro plunged to $0.9998

For the first time since December 2002, the euro dropped below the symbolic $1.00 mark on Wednesday as a result of a deteriorating prognosis for the economy of the eurozone and the potential for a total interruption of the Russian gas supply.

After official statistics revealed a spike in US inflation in June, which fueled hopes for a further tightening of interest rates by the US Federal Reserve, the euro plunged to $0.9998. The dollar gains in appeal to investors as borrowing costs rise on the other side of the Atlantic.

The dollar increased in value relative to the yen from 136.86 to 137.55 yen. The dollar index, which measures the strength of the dollar against a basket of currencies from six of the biggest trading partners of the United States, increased by 0.29 percent to 108.43 points.

From 8.6 percent in May to 9.1 percent in June, the rate of inflation in the US was the highest since November 1981. Analysts had predicted a rise of just 8.8 percent.

Eurozone faces mounting recession risk: Bloomberg

The risk of a eurozone recession is increasing, according to economists polled by Bloomberg on Tuesday, in light of surging energy and food prices and a declining European economy.

Related News

US uses tariffs to strongarm India on Russia ties

China, Russia launch Maritime Interaction-2025 drills in Sea of Japan

The likelihood of a significant contraction has risen to 45%, up from 30% in the previous survey and 20% prior to the start of the war in Ukraine, which resulted in sanctions against Moscow and a reduction in Russian energy flows, primarily to Germany.

“We assume a recession based on the already implemented oil embargo and the effect of higher input prices on industry,” Erik-Jan van Harn, a strategist at Rabobank, said as quoted by Bloomberg.

“The German economy is already slowing down and the trend is clearly downward,” the expert stressed.

The rising cost of living in Europe is putting a strain on businesses and consumers, who had only recently begun to return to pre-pandemic levels of spending and production capacity. 

At the same time, reduced Russian natural gas shipments threaten winter energy supplies.

Analysts continue to expect Eurozone inflation to peak in the current quarter. Inflation forecasts have been raised from the previous poll, but price growth is still expected to slow to the European Central Bank's target of 2% in 2024.

It is worth noting that trading data reported on Tuesday 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.

Read more: US, EU economies slowing amid growing recession risk

  • Russia
  • Dollar
  • Russian Gas
  • Euro
  • European Union
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

A rescued crew member from the ETERNITY C vessel in a video released by the Yemeni Armed Forces on July 28, 2025 (Yemeni Military Media)

Yemen Navy reveals fate of targeted Eternity C ship crew

  • Politics
  • 28 Jul 2025
An Israeli tank explodes following an ambush by al-Qassam Brigades in Gaza, Occupied Palestine, undated (Al-Qassam Military Media)

Al-Qassam strikes Israeli vehicles in Gaza, inflicts casualties

  • Politics
  • 30 Jul 2025
UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025
Protesters chant anti-Israeli slogans as they carry a banner that reads:" Freedom for Palestine, Alliance stop the war," during a demonstration in support of Palestinians in Gaza, outside the Israeli embassy, in Athens, Monday, June 9, 2025 (AP)

Athens mayor slams Israeli ambassador over Gaza war, graffiti claim

  • Politics
  • 3 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A member of the al-Qassam Brigades, the armed wing of Hamas, takes part in a parade as he celebrates a ceasefire agreement between Hamas and the Israeli regime in Deir al-Balah, Gaza Strip, Sunday, January 19, 2025 (AP)
Politics

Al-Qassam: We’ll allow aid to Israeli captives if Gaza siege ends

Freed Lebanese freedom fighter Georges Abdallah during an interview on Al Mayadeen, which aired on Sunday, August 3, 2025 (Al Mayadeen screengrab)
Politics

Exclusive: Resistance key to building state, Georges Abdallah says

United Nations Secretary General Antonio Guterres gives a statement about the situation in Gaza at UN headquarters, Friday, June 27, 2025 (AP)
Politics

UN warns Gaza faces water crisis, looming famine under Israeli siege

Israeli soldiers drive their armored personnel carrier along the Gaza Strip, in southern occupied Palestine, Wednesday, July 30, 2025 (AP)
Politics

Ex-Israeli general says Gaza starvation campaign isolated 'Israel'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS