Currency Buzz: Euro Close To Parity With Dollar

11 Jul 2022 , 03:18 PM

The euro fell further against a surging dollar which is hovering near fresh two-decade peaks amid bolstering expectations of aggressive rate hikes by the Federal Reserve in face of red-hot inflation in US. The European unit is holding just above parity against the dollar on increasing possibility of a recession in the Eurozone in addition rising uncertainty about energy supply to the bloc, with Russia threatening to further reduce gas supplies to Germany. The biggest single pipeline carrying Russian gas to Germany entered annual maintenance, with flows expected to stop for 10 days. Meanwhile, Germanys health minister Karl Lauterbach warned on Sunday that long COVID? persistent symptoms after the coronavirus infection ? is a major problem for society, with the potential to disrupt the labor market. EUR/USD is currently down 0.64% at $1.01. The dollar index, that measures the greenback against a basket of currencies is up more than 11% this year at $107.43. Powered by Commodity Insights