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Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
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Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street

Euro hits its lowest since 2002

  • By Al Mayadeen English
  • Source: Agencies
  • 5 Jul 2022 15:17
3 Min Read

As the Federal Reserve continues to raise interest rates faster than its peers, the Euro hits a new low for the first time in 20-years.

  • x
  • Euro fell below $1.03 as of 10:00GMT
    Euro fell below $1.03 as of 10:00GMT

As shown by trading data, the Euro fell below $1.03 for the first time since December 2002. The euro traded at $1.0296 which is down from $1.0421 at a time when the dollar index was 1.04% to 106.23 points.

Fears over the European energy crisis are putting pressure on the euro. Strike-related production suspensions at many fields by Norway's Equinor increased gas prices. Nord Stream will be suspended for scheduled maintenance from July 11 to July 21. In light of this, European gas futures are rising by 6% to almost $1,800 per thousand cubic meters.

To a significant measure, the euro crisis is a result of dollar strength, which has been exacerbated as the Federal Reserve continues to raise interest rates faster than its peers. A new round of global risk aversion, which has knocked the wind out of equities and credit markets, is simply adding fuel to the run into haven currencies.

Read more: Ruble hits over 2-year high vs. euro, dollar

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The European economy's prognosis is likewise deteriorating. An ongoing stalemate with Moscow over natural gas supplies to the continent has heightened the likelihood of a significant slowdown. The International Monetary Fund has reduced the currency bloc's growth prediction for 2022 to 2.8 percent.

Previously with the Euro and Dollar rates

On June 30th, the US government released data that showed price increases that had held steady in the past 12 months ended in May, while the rise in consumer spending slowed sharply.

This, according to some, may comfort consumers as a sign that the Federal Reserve's aggressive interest rate plans are beginning to have an effect in limiting the fastest uptick in inflation seen in more than four decades.

Compared to May 2021, the Personal Consumption Expenditures (PCE) price index rose 6.3%, the same pace as in the prior month, despite it rising 0.6% compared to April, according to the Commerce Department.

This monthly increase, which was faster than in the preceding month, was still below economist projections. As for US multinationals, the quick rise in the value of the US dollar since the beginning of the year is a double-edged sword, forcing them to determine whether to hedge or move their operations abroad to prevent damage.

Read more: Bitcoin crashes below $20,000, reaches 2-year record-low

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