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BREAKING
Tasnim News Agency: Iran's Fordow nuclear facility was only partially damaged by US strikes
UK trade minister Reynolds: We were not involved in Iran attacks but we were informed
Senior Iranian source to Reuters: The number of personnel at the Fordow site had been reduced to a minimum
Senior Iranian source to Reuters: Most of the highly enriched uranium at Fordow was moved to an undisclosed location prior to US attack
Iran's IRGC: The most significant capabilities of the Armed Forces of the Islamic Republic of Iran in this sacred defense have not yet been deployed
Iran's IRGC: In this barrage of missiles, air raid sirens sounded after the missiles made impact, causing the enemy to lose its balance
Iran's IRGC: The deployed missiles are capable of maneuvering while falling and are guided until the moment of impact, and they are equipped with destructive and highly explosive warheads
Iran's IRGC: We have adopted new and surprising tactics to achieve more precise, destructive, and effective strikes
Iran's IRGC: In this operation, we deployed the third-generation multi-warhead ballistic missile Kheibar Shekan for the first time
Iran's IRGC: We launched the 20th wave of Operation True Promise 3 by firing 40 solid- and liquid-fueled missiles

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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